24/7 Market News Snapshot 19 December, 2024 – Aadi Bioscience, Inc. Common Stock (NASDAQ:AADI)
DENVER, Colo., 19 December, 2024 (247marketnews.com) – (NASDAQ:AADI) are discussed in this article.
Aadi Bioscience, Inc. has experienced a significant surge in its stock price, closing at $3.428, reflecting a remarkable increase of 49.69%. This rise, accompanied by a trading volume of 768.82K shares, underscores heightened investor confidence and interest in the company’s future prospects within the bioscience sector.
In a testament to its growth strategy, the company recently secured exclusive licensing for an innovative antibody-drug conjugate (ADC) program in collaboration with WuXi Biologics and HANGZHOU DAC. This strategic licensing is set to enhance Aadi’s oncology pipeline, allowing the company to develop therapies targeting Protein Tyrosine Kinase 7 (PTK7), Mucin-16 (MUC16), and Seizure Related 6 Homolog (SEZ6). The agreement includes initial payments of $44 million, with additional milestone payments potentially reaching $805 million based on clinical and commercial achievements.
To bolster its financial positioning, Aadi Bioscience also engaged in a substantial $100 million private investment in public equity (PIPE) financing, spearheaded by Ally Bridge Group, ensuring operational support through late 2028 and facilitating the clinical development of its ADC assets.
Further enhancing its strategic direction, the company has finalized an agreement to divest its FDA-approved product, FYARRO®, to KAKEN Pharmaceutical for $100 million, pending stockholder approval. This sale reflects Aadi’s commitment to refining its focus on the oncology sector.
Moreover, Aadi has appointed Baiteng Zhao, co-founder of ProfoundBio, to its Board of Directors, bringing critical expertise in ADC development to the team. David Lennon, PhD, President and CEO of Aadi Bioscience, highlighted the importance of these partnerships and the potential of the ADC portfolio, aiming to deliver innovative treatment options for cancer patients. Aadi intends to elaborate on these developments during a webcast and conference call scheduled for December 20.
Related news for (AADI)
- Aadi Bioscience Announces Closing of $100 Million PIPE Financing
- Aadi Bioscience Appoints David Dornan, PhD, as Chief Scientific Officer
- Aadi Bioscience Filed Definitive Proxy Statement and Schedules Special Meeting of Stockholders for February 28, 2025
- Aadi Bioscience Transforms with In-Licensing of Novel ADC Portfolio, $100 Million Sale of FYARRO® and $100 Million PIPE Financing