ADC Therapeutics has closed its upsized IPO of over $267.6 million. Underwriters exercised in full their option to purchase additional common shares. The shares have been offered at $19. One week after the IPO the share price was at $34. The market capitalization jumped to $2.3 billion.
ADC Therapeutics closed its initial public offering of 14,082,475 shares of its common shares at a price of $19.00 per share, which included the exercise in full by the underwriters of their option to purchase 1,836,844 additional common shares. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by ADC Therapeutics, are approximately $267.6 million. The shares began trading on the New York Stock Exchange on May 15, 2020 under the ticker symbol “ADCT.”
In addition, ADC Therapeutics announced the receipt of the initial $65.0 million disbursement, before deducting fees and expenses payable by ADC Therapeutics, of senior secured convertible term loans under its previously announced Convertible Credit Facility with Deerfield Partners, L.P. and certain of its affiliates and the issuance to Deerfield of $65.0 million aggregate principal amount of senior secured convertible notes.
ADC based at Biopôle close to Lausanne is a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent and targeted antibody drug conjugates for patients suffering from hematological malignancies and solid tumors, announced today the closing.
(Pres release / SK)
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