Specifically, Adagio will continue to develop ADG20, its lead COVID-19 treatment and prevention candidate. ADG20 neutralizes sarbecoviruses, including SARS-CoV-2 and eliminates infected host cells through Fc-mediated innate immune effector activity, according to the firm. Adagio has begun a phase I study of the antibody in healthy participants as well as a phase I/II/III trial in high-risk patients with mild or moderate COVID-19. Data from these trials will support Adagio's emergency use authorization submission to the U.S. Food and Drug Administration (FDA).

The investment round was led by RA Capital Management with participation from new investors the Redmile Group, Federated Hermes, Foresite Capital, ArrowMark Partners, and PremjiInvest, as well as existing investors Fidelity Management & Research, OrbiMed, Polaris Partners, Mithril, Population Health Partners, Adimab, and Omega Funds.