We advised Adagene on the transaction

Davis Polk advised Adagene Inc. in connection with a strategic equity investment from Sanofi of up to $25 million in Adagene. At the initial closing, Sanofi purchased 1,062,500 of Adagene’s Series A non-voting convertible preferred shares, each share of which is initially convertible into 10 ordinary shares of Adagene, at an as-converted price of $2 per American depositary share of Adagene.

Adagene Inc. is a platform-driven, clinical-stage biotechnology company committed to transforming the discovery and development of novel antibody-based cancer immunotherapies. Adagene combines computational biology and artificial intelligence to design novel antibodies that address globally unmet patient needs. Adagene’s American depositary shares trade on the Nasdaq Global Select Market under the symbol “ADAG.”

Sanofi is an R&D driven, AI-powered biopharma company committed to improving people’s lives and delivering compelling growth. Sanofi applies its deep understanding of the immune system to invent medicines and vaccines that treat and protect people around the world. Sanofi’s ordinary shares are listed on Euronext Paris under the symbol “SAN” and its American depositary shares trade on the Nasdaq Global Select Market under the symbol “SNY.”

The Davis Polk corporate team includes partner Xuelin (Steve) Wang and registered foreign lawyers Xin (Sheen) Xu and Jed Rothstein. All members of the Davis Polk team are based in the Hong Kong office.

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