ADC Therapeutics closes upsized IPO of over $267.6 million

Swiss oncology-focused drug discovery firm ADC Therapeutics (NYSE: ADCT) yesterday said it has closed its initial public offering (IPO) 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, and closed up more than 1% at $31.14 on Tuesday.

The oncology-focused biotechnology company is pioneering the development and commercialization of highly potent and targeted antibody drug conjugates for patients suffering from hematological malignancies and solid tumors. The company develops ADCs by applying its decades of experience in this field and using next-generation pyrrolobenzodiazepine (PBD) technology to which ADC Therapeutics has proprietary rights for its targets. The company has multiple PBD-based ADCs, including Lonca and Cami, in late stage clinical trials, as well as additional clinical and pre-clinical assets in early development.