Adagio Therapeutics Raises $336 Million Series C for COVID-19 Treatment and Prevention
Washington, DC – May 20, 2021 – Cooley advised Adagio Therapeutics, a biotechnology company developing antibodies to broadly neutralize coronaviruses, on its $336 million Series C financing round. Partners Brooke Nussbaum and Ryan Sansom led the Cooley team advising Adagio.
RA Capital Management led the round, which included participation from Redmile Group, Federated Hermes, Foresite Capital, ArrowMark Partners and PremjiInvest, as well as existing investors Fidelity Management & Research Company, OrbiMed, Polaris Partners, Mithril, GV, Population Health Partners, Adimab and Omega Funds. Adagio will use the new capital to support continued advancement of ADG20, its lead clinical candidate, which is being developed as a single agent for both the treatment and prevention of COVID-19, as well potential future coronaviruses.
“The COVID-19 pandemic continues to be a major health crisis worldwide, and even with emergency use authorizations for vaccines and antibody-based therapies, there remains a significant need for medications to treat and prevent COVID-19 infection,” Tillman Gerngross, co-founder and chief executive officer of Adagio, said in a news release. “With the support of this sophisticated group of investors, we are properly capitalized to continue our expedited development and ultimate commercialization of ADG20 to benefit the many people at risk of COVID-19 mortality.”
Adagio is developing best-in-class antibodies that can broadly neutralize SARS-CoV-2, SARS-CoV and additional pre-emergent coronaviruses. The company’s portfolio of antibodies has been optimized using Adimab’s antibody engineering capabilities and are designed to provide patients and clinicians with an unsurpassed combination of potency, breadth, durable protection, manufacturability and affordability.
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