ADC Therapeutics, a Swiss Phase 2 biotech developing next-gen antibody drug conjugates for difficult cancers, increased the proposed share offering for its upcoming IPO on Thursday.
The Épalinges, Switzerland-based company now plans to raise $175 million by offering 10.3 million shares at a price range of $16 to $18. Deerfield Partners and certain existing shareholders, including Redmile Group and AstraZeneca, have indicated an interest in purchasing $100 million worth of shares in the offering. The company had previously filed to offer 7.4 million shares at the same range. At the midpoint, ADC Therapeutics will raise 40% more in proceeds than previously anticipated to command a market value of $1.1 billion.
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.
