ADC Therapeutics sets IPO terms

ADC Therapeutics S.A. set terms of its initial public offering, as the Switzerland-based biotechnology company focused on cancer treatments looks to raise up to…

$185.3 million.

ADC is offering 10,295,000 shares in the IPO, which is expected to price between $16 and $18.

With 56.58 million shares outstanding after the IPO, the company could be valued at $1.02 billion if the IPO prices at $18.

The stock will be listed on the NYSE under the ticker symbol “ADCT.”

Morgan Stanley, BofA Securities and Cowen are the lead underwriters.

The company recorded a net loss of $116.5 million on contract revenue of $2.3 million in 2019, compared with a loss of $123.1 million on revenue of $1.1 million in 2018. ADC is looking to go public at a time that…

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