China-headquartered drug developer Adagene has raised $140 million, while cloud-based communications solution provider Cloopen Group secured $320 million in their US initial public offerings (IPOs).
Cloopen raises $320m in upsized IPO
Cloopen Group Holding, a multi-capability cloud-based communications solution provider in China has raised $320 million in its US IPO after pricing 20 million American depositary shares at $16 each, an upsize from the previous price range of between $13 and $15.
Each ADS represents two class A ordinary shares of the company. The shares are listed on the New York Stock Exchange under the symbol RAAS, with Goldman Sachs, Citi, and CICC acted as lead managers on the deal.
Cloopen Group operates the largest multi-capability cloud-based communications solutions in China. It is also the only provider in China that offers a full suite of cloud-based communications solutions, covering communications platform as a service, cloud-based contact centers, and cloud-based unified communications and collaborations.
Chinese drug developer Adagene secures $140m
China headquartered drug developer Adagene has raised $140 million by offering 7.4 million ADSs at $19, the high end of the range of $17 to $19. It listed on the Nasdaq under the symbol ADAG.
Adagene, headquartered in Suzhou, was co-founded by two serial entrepreneurs to power antibody discovery in 2012. The company plans to use the current round of funding to lead immunotherapies for oncology treatments and facilitate the development of its drug discovery technology, per the statement.
Powered by artificial intelligence (AI), Adagene claims to have built new antibodies for cancer treatment. The company is currently working on a pipeline of programmes such as ADG106 and ADG116 targeting antibody.
The firm raised $69 million in a Series D funding round in January 2020 led by US global growth equity firm General Atlantic.