ADC Therapeutics, a Swiss Phase 2 biotech developing next-gen antibody drug conjugates for difficult cancers, announced terms for its IPO on Monday.
The Épalinges, Switzerland-based company plans to raise $125 million by offering 7.4 million shares at a price range of $16 to $18. Deerfield Partners and certain existing shareholders, including Redmile Group and AstraZeneca, intend to purchase an aggregate of $100 million worth of shares in the offering (80% of the deal). At the midpoint of the proposed range, ADC Therapeutics would command a market value of $1.1 billion.
ADC Therapeutics is developing antibody drug conjugates, and its pipeline consists of seven candidates targeting hematological malignancies and solid tumors. It was previously slated to raise $200 million at a $1.8 billion valuation in October 2019, but withdrew its deal due to adverse market conditions.
ADC Therapeutics was founded in 2011 and booked $2 million in revenue for the 12 months ended December 31, 2019. It plans to list on the NYSE under the symbol ADCT. Morgan Stanley, BofA Securities, and Cowen are the joint bookrunners on the deal. It is expected to price during the week of May 11, 2020.
