ADC Therapeutics, a Swiss biotech developing next-gen antibody drug conjugates for difficult cancers, withdrew its plans for an initial public offering on Wednesday, citing adverse market conditions.
It had filed to raise $200 million by offering 8.16 million shares at a price range of $23 to $26. Insiders had indicated an interest in purchasing up to $115 million of the IPO (57% of the deal).
The Épalinges, Switzerland-based company was founded in 2011 and had planned to list on the NYSE under the symbol ADCT. Morgan Stanley, BofA Merrill Lynch and Cowen were set to be the joint bookrunners on the deal.
