- The IPO was originally expected to consist of 10.3 mln shares.
- The lead underwriters on the deal were Morgan Stanley, BofA, and Cowen and Company.
The funds will be used to complete a pivotal phase II trial of the company’s lead candidate Lonca in patients with the blood cancer diffuse large B-cell lymphoma, and ultimately bring the drug to the US market.
Lausanne-based ADC Therapeutics specializes in the development of antibody-drug conjugates, in which an antibody is attached to a chemotherapy drug. The antibody is designed to selectively bind to tumor cells, and once bound, the drug is internalized by the tumor where it releases its toxic effects. The specificity to the tumor means the treatment minimizes toxicity to healthy cells, reducing potential side-effects.
The company has a number of other candidates, targeting both blood cancers and solid tumors, in either the preclinical stage or early clinical trials. The funds raised from the IPO will also be used to further the development of these products.
Despite closing a €271M ($303M) Series E funding round in July 2019, adverse market conditions in October 2019 led ADC Therapeutics to withdraw its Nasdaq IPO.
The biotech’s IPO accompanies a €106M loan agreement made with the US firm Deerfield Management Company at the beginning of this month. Of the total loan, ADC Therapeutics can expect €60M upon completing its IPO, and another €46M once Lonca gets regulatory approval, amongst other conditions.
Lausanne-based ADC Therapeutics specializes in the development of antibody-drug conjugates, in which an antibody is attached to a chemotherapy drug. The antibody is designed to selectively bind to tumor cells, and once bound, the drug is internalized by the tumor where it releases its toxic effects. The specificity to the tumor means the treatment minimizes toxicity to healthy cells, reducing potential side-effects.
The company has a number of other candidates, targeting both blood cancers and solid tumors, in either the preclinical stage or early clinical trials. The funds raised from the IPO will also be used to further the development of these products.
Despite closing a €271M ($303M) Series E funding round in July 2019, adverse market conditions in October 2019 led ADC Therapeutics to withdraw its Nasdaq IPO.
The biotech’s IPO accompanies a €106M loan agreement made with the US firm Deerfield Management Company at the beginning of this month. Of the total loan, ADC Therapeutics can expect €60M upon completing its IPO, and another €46M once Lonca gets regulatory approval, amongst other conditions.
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