ADC Therapeutics set to go public

The number of shares to be offered and the price range for the proposed offering have still to be determined. Despite an internal review conducted with advisers from Morgan Stanley last autumn, which showed that a trade sale, as an alternative to an IPO, could yield US$2bn, ADC Therapeutics decided to list its common shares on the New York Stock Exchange under the ticker symbol "ADCT." Just in July, the Lausanne-based cancer drug developer announced the final close of a $103m Series E financing expansion, bringing the total gross proceeds of the Series E round to $303 million and ADC Therapeutics’ raised capital to $531m since 2011.

Morgan Stanley, BofA Merrill Lynch and Cowen will act as joint book-running managers for the offering.
The offering will be made only by means of a prospectus. The registration statement filed with the US SEC, but has not yet become effective.

ADC Therapeutics SA is a developer of pyrrolobenzodiazepine (PBD)-based antibody drug conjugates (ADCs) for the treatment of hematologic cancers and solid tumours. The company has multiple PBD-based ADCs in ongoing clinical trials, ranging from first in human to pivotal Phase II clinical trials, in the US and Europe, and numerous preclinical ADCs in development. ADCT-402, the company’s lead product candidate, has demonstrated single-agent clinical activity across a broad population of patients with relapsed or refractory diffuse large B-cell lymphoma, including difficult-to-treat patients. ADCT-301, the company’s second lead, has demonstrated clinical activity in heavily pretreated patients with Hodgkin lymphoma and, might also have the potential for the treatment of solid tumors.