ADC Therapeutics aims to raise $230 million in IPO

ADC Therapeutics SA headquarted at Biopôle in Epalinges close to Lausanne is a late clinical-stage oncology-focused biotechnology company developing antibody drug conjugates for patients suffering from hematological malignancies and solid tumors. The company announced today the pricing of the initial public offering of 12,245,631 shares of its common shares at a price of $19.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by ADC Therapeutics, are expected to be approximately $232.7 million.

The shares are expected to begin trading on the New York Stock Exchange on May 15, 2020 under the ticker symbol “ADCT.” The offering is expected to close on May 19, 2020, subject to customary closing conditions. In addition, ADC Therapeutics has granted the underwriters a 30-day option to purchase up to 1,836,844 additional common shares.

ADC had already launched a first attempt to go public last September. In October the company announced that it has withdrawn its registration statement due to adverse market conditions. In the meantime the company had presented new data from Phase II clinical studies of its lead products and announced that the first commercial launch is planned in mid-2021.