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AADI News
AADI Events
Aadi Bioscience appoints Dornan as Chief Scientific Officer
Aadi Bioscience announced the appointment of David Dornan, PhD as the Company's Chief Scientific Officer, CSO. Dr. Dornan contributes more than two decades of experience in oncology drug discovery and development, with deep expertise in antibody-drug conjugates and other targeted cancer therapies.
Aadi Bioscience signs license agreement for ADC portfolio
Aadi Bioscience has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates, or ADCs, in collaboration with WuXi Biologics, a global Contract Research, Development and Manufacturing Organization, and Hangzhou DAC. Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging Hangzhou DAC's CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 or PTK7, Mucin-16 or MUC16 and Seizure Related 6 Homolog or SEZ6. Aadi will pay aggregate upfront payments of $44M for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265M, cumulative commercial milestone payments of up to $540M and single-digit royalties of sales. To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity, or PIPE, financing that is expected to result in gross proceeds of approximately $100M, before deducting placement agent fees and other offering expenses. The syndicate was led by Ally Bridge Group. The PIPE financing is expected to close in 1H25, subject to stockholder vote and satisfaction of customary closing conditions.
Aadi Bioscience adds Baiteng Zhao to board
Aadi Bioscence announced that Baiteng Zhao joins Aadi's board of directors. Zhao co-founded ProfoundBio, a clinical stage next-gen ADC developer, in 2018 and served as the Chairman and CEO of the company until it was acquired by Genmab in May. Prior to ProfoundBio, Zhao worked at Seagen, now part of Pfizer, for more than eight years and was responsible for the modeling and simulation strategies for the development pipeline and supported preclinical and clinical development of ADC drug candidates.
Aadi Bioscience selling Fyarro and infrastructure for $100M
Aadi Bioscience announced that Kaken Pharmaceutical, an R&D driven pharmaceutical company in Japan, has entered into a stock purchase agreement under which Kaken will acquire Aadi Subsidiary and all of its assets, including Fyarro and associated infrastructure, including the majority of Aadi employees who support the Fyarro business. Fyarro is approved by the FDA for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor, with cumulative revenue of $25.2M reported over the prior four quarters ended September 30, 2024. The transaction is expected to close in 1H25, subject to Aadi stockholder approval and certain closing conditions. Upon the closing of this transaction, Kaken will also acquire the rights to the Aadi name and trademark. The net proceeds from the PIPE financing and the sale of Kaken, together with the company's existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio.
Aadi Bioscience signs license agreement for ADC portfolio
Aadi Bioscience has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates, or ADCs, in collaboration with WuXi Biologics, a global Contract Research, Development and Manufacturing Organization, and Hangzhou DAC. Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging Hangzhou DAC's CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 or PTK7, Mucin-16 or MUC16 and Seizure Related 6 Homolog or SEZ6. Aadi will pay aggregate upfront payments of $44M for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265M, cumulative commercial milestone payments of up to $540M and single-digit royalties of sales. To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity, or PIPE, financing that is expected to result in gross proceeds of approximately $100M, before deducting placement agent fees and other offering expenses. The syndicate was led by Ally Bridge Group. The PIPE financing is expected to close in 1H25, subject to stockholder vote and satisfaction of customary closing conditions.
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