Sept. 29 Quick Takes: Adlai Nortye sinks after NASDAQ listing

More than two months after Adlai Nortye Ltd. (NASDAQ:ANL) filed to go public on NASDAQ — and weeks after losing an underwriter — the oncology company raised $57.5 million through the sale of 2.5 million ADSs at $23 in its IPO, plus $40 million in a concurrent private placement with Nippon Kayaku Co. Ltd. (Tokyo:4272). Adlai Nortye’s shares fell 35% during Friday’s session. Although the offering was in line with expectations Adlai Nortye had laid out in its most recent prospectus, the biotech had said in August it hoped to sell 3 million shares at $22-$26 in an offering underwritten by Cantor and CLSA. Cantor was the sole underwriter in Friday’s offering. Adlai Nortye, which maintains locations in China and New Jersey, is advancing PI3K inhibitor buparlisib (AN2025) in a Phase III trial, and has earlier programs targeting EP4 and PD-L1. The biotech in-licensed buparlisib from Novartis AG (SIX:NOVN; NYSE:NVS).

With THRB agonist resmetirom under FDA review ahead of a March 2024 PDUFA date, Madrigal Pharmaceuticals Inc. (NASDAQ:MDGL) raised $500 million through the sale of 1.2 million shares plus 2 million warrants at $151.69, Thursday’s closing price. The biotech proposed the offering after market hours Thursday. Madrigal, which has long been the subject of buyout rumors, welcomed new CEO Bill Sibold this month; its chief commercial officer left the company this week...