Adagene shares surge 17.60% intraday after announcing $70M public offering priced at $3.75 per ADS.

Adagene surged 17.60% intraday following the announcement of a $70 million public offering of 18.666 million ADSs at $3.75 per share, representing the 30-day VWAP. The offering, set to close on April 6, 2026, includes participation from notable investors such as Janus Henderson, Deerfield, and Invus. The raise is intended to strengthen Adagene’s balance sheet, supporting its ongoing clinical development of muzastotug in colorectal cancer and future trials, including a planned collaboration with Incyte. The strong investor backing and clear capital-raising event appear to have driven the sharp intraday rally.