ADC restructures debt as Zynlonta struggles to make impact
Deerfield Management is to take a stake in Swiss firm ADC Therapeutics (NYSE: ADCT), an antibody-drug conjugate company based in Lausanne, as the company restructures its obligations.
ADC has entered into a new $175 million senior secured term loan with a division of Blue Owl Capital and with funds from Oaktree Capital Management.
At the same time, a $115 million debt with Deerfield has been settled in full, through an agreement that includes a $117 million cash payment plus 2,390,297 shares in the company.
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