Adagio raises $300 million in IPO, looks to advance Covid-19 antibody therapy

Adagio Therapeutics, a Waltham startup advancing COVID-19 antibody treatments, is going public Friday just over one year after it was founded.

The company raised nearly $310 million by selling 18,200,000 shares for $17 each, in the middle of its expected range, and it will trade on the Nasdaq Global Market under the symbol ADGI. At the IPO price, the firm was valued at $1.84 billion.

Adagio, which spun out of New Hampshire-based Adimab, is developing antibody therapies that aim to treat and prevent illness caused by the coronavirus and new viral variants. Although three COVID-19 vaccines have been authorized for emergency use by the Food and Drug Administration, Adagio believes the pandemic will continue to require a “variety of effective, safe and convenient treatment and prevention options for years to come,” according to a filing with the Securities and Exchange Commission.

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