ADG-106 is a monoclonal antibody commercialized by Adagene Suzhou, with a leading Phase II program in Non-Small Cell Lung Cancer. According to Globaldata, it is involved in 11 clinical trials, of which 2 were completed, 6 are ongoing, and 3 are planned. GlobalData uses proprietary data and analytics to provide a complete picture of ADG-106’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for ADG-106 is expected to reach an annual total of $32 mn by 2038 in the US based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

ADG-106 Overview

ADG-106 is under development for the treatment of solid tumors, human epidermal growth factor receptor 2 negative breast cancer (HER2- breast cancer), non-Hodgkin lymphoma, hepatocellular carcinoma, non-small cell lung cancer, colon cancer and hematological malignancies. The drug candidate is developed by dynamic precision library platform (DPL). It acts by targeting CD137. It is administered through intravenous route. The drug candidate is being developed based on Neobody technology. 

Adagene Suzhou Overview

Adagene Suzhou (Adagene) is a biotechnology company which develops immune-oncology antibodies for the treatment of cancer. It is investigating ADG106, an agonist monoclonal antibody (mAb) to treat non-Hodgkin lymphoma and solid tumors. The company utilizes SAFEbody, a proprietary antibody masking technology which is activated only in disease tissues further reducing the spread of disease to the entire body and enhancing the therapeutic window for antibodies; and dynamic precision library (DPL) platform to advance antibody discovery. Adagene was funded by GP Healthcare Capital, Eight Roads Ventures, F-Prime Capital Partners, General Atlantic and other companies. The company has operations in San Francisco, California, the US. Adagene is headquartered in Suzhou, Jiangsu, China.

For a complete picture of ADG-106’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.