Adlai Nortye Successfully Closes Initial Public Offering, Raises $97.5 Million for Cancer Therapies

Adlai Nortye, a global clinical-stage biotechnology company, has announced the successful closing of its initial public offering (IPO), raising a total of $97.5 million. The IPO involved the sale of 2,500,000 American depositary shares (ADSs), each representing three Class A ordinary shares, at a public offering price of $23.00 per ADS.

The ADSs began trading on the Nasdaq Global Market on September 29, 2023, under the ticker symbol “ANL”. Cantor Fitzgerald & Co. acted as the sole book-running manager for the public offering. In addition to the public offering, Nippon Kayaku Co., Ltd., a chemical company based in Japan, acquired 5,217,391 Class A ordinary shares from Adlai Nortye in a concurrent private placement, further contributing to the company’s funding.

Adlai Nortye focuses on the discovery and development of innovative cancer therapies for patients across various tumor types. With global research and development centers in New Jersey and Hangzhou, the company has built a robust pipeline of six drug candidates. Adlai Nortye aims to become a global leader in immuno-oncology therapies, employing a combination therapy strategy to transform cancer into a chronic and eventually curable disease.

The company has assembled a talented management team and scientific advisory board, consisting of industry leaders and influential scientists who provide strategic guidance to its research and development, business development, and operational teams. Adlai Nortye also seeks partnerships with leading multinational pharmaceutical companies, such as Eisai and Novartis, to fully leverage the potential of its pipeline programs.

The successful completion of the IPO and concurrent private placement provides Adlai Nortye with significant financial resources to advance its innovative cancer therapies. The funds raised will support ongoing research and development efforts, as well as potential collaborations and partnerships, ultimately bringing hope to patients worldwide.