Adagio raises $336M on promise of best-in-class COVID-19 mAb

Adagio’s strategy of prioritizing breadth of coverage over speed to market for its COVID-19 mAb discovery program appears to be paying off. Despite the ramping up of vaccinations worldwide, the biotech still sees a substantial market opportunity against new variants, in acute treatment settings and in people either unwilling or unable to take a vaccine.

Investors are buying into the story. On Monday, Adagio Therapeutics Inc. raised $336 million in a series C round led by RA Capital and backed by 14 other life sciences specialist investors. The round brings Adagio’s total raised to $469.2 million since it spun out of antibody discovery play Adimab LLC in July...