Ropes & Gray advised Sanofi in a strategic investment up to $25 million in Adagene Inc., and the exercise of its option for a third SAFEbody discovery program. The investment will fund Adagene’s research and clinical development of its lead program muzastotug, a tumor-activated anti-CTLA-4 SAFEbody antibody, which is currently in a phase 2 trial for microsatellite stable colorectal cancer. The transaction was announced on July 1.
Additionally, Adagene will collaborate with Sanofi in a phase 1/2 trial involving muzastotug combined with other cancer therapies in advanced solid tumors. Following this investment, Sanofi will have a representative on Adagene’s Scientific Advisory Board. The funding, along with existing reserves, is expected to extend Adagene’s operations into 2027.
The Ropes & Gray team was led by strategic transactions counsel Ray Grant and strategic transactions associates Dan Freshman and Sam Tansley and included strategic transactions partners Abigail Gregor and Tom Danielski, tax partner Scott Pinarchick, health care counsel Elizabeth Whitkin, and strategic transactions associate Derek Mubiru.
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