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SAN DIEGO - Connect Biopharma Holdings Limited (NASDAQ:CNTB), whose stock has surged 22% in the past week and 64% over six months according to InvestingPro data, announced Monday plans to terminate its American Depositary Shares (ADSs) program and directly list its ordinary shares on the Nasdaq Global Market.
The biopharmaceutical company, currently valued at $95.57 million, said it expects to terminate the Deposit Agreement with Deutsche Bank Trust Company Americas on September 2, 2025. Following termination, the company’s ADRs will be mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio.
Connect Biopharma plans to implement a substitution listing of its ordinary shares on Nasdaq immediately after the ADR program ends. The shares will continue trading under the existing "CNTB" symbol.
The Depositary will issue a termination notice to ADR holders on or about August 18, 2025, providing additional information about the process.
"The termination of our ADR program is a meaningful step in our evolution to becoming a U.S.-centric company," said Barry Quart, CEO and Director of Connect Biopharma, according to the press release.
Connect Biopharma, headquartered in San Diego, is developing rademikibart, an antibody targeting IL-4Rα for the treatment of asthma and COPD. The company is currently conducting global clinical studies of the drug candidate. With a strong current ratio of 10.25 and more cash than debt on its balance sheet, the company appears well-positioned to fund its clinical programs. Analysts have set price targets between $6-7, suggesting significant upside potential. Get more detailed insights and 12 additional ProTips with InvestingPro.
The information in this article is based on a company press release statement.
In other recent news, Connect Biopharma Holdings Limited has announced several key developments. The company has regained compliance with Nasdaq’s minimum bid price requirement, ensuring that its American Depositary Shares will continue to be listed and traded on the Nasdaq Global Market. This compliance was achieved as the shares maintained a closing bid price of at least $1.00 for 10 consecutive business days. In collaboration with Simcere Pharmaceutical, Connect Biopharma has also submitted a New Drug Application in China for rademikibart, targeting atopic dermatitis. This submission could potentially lead to milestone payments of up to $110 million, along with royalties on net sales in Greater China. Additionally, Connect Biopharma presented positive clinical data for rademikibart, showing improvements in lung function and reductions in asthma exacerbations. The company has initiated a Phase 2 study to further evaluate rademikibart’s efficacy as an add-on therapy for acute asthma exacerbations. These developments highlight Connect Biopharma’s ongoing efforts in advancing treatments for inflammatory diseases.
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