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ADC files prospectus for New York listing
Posted on Monday, 09 September 2019 14:00
Switzerland-based clinical stage oncology company ADC Therapeutics has set the ball rolling for a share sale on the New York Stock Exchange after registering initial paperwork with regulators.

The business has set a placeholder of USD 150.00 million to calculate registration fees but has not yet disclosed how many stocks or at what price they will be sold.

Bank of America Merrill Lynch, Cowen and Morgan Stanley have been appointed to underwrite the flotation and are likely to be given a green shoe option as part of the deal.

Almost exactly one year ago, Bloomberg reported on the potential initial public offering (IPO) of ADC citing people familiar with the matter as saying a listing would provide an exit to Redmile Group and Auven Therapeutics Management.

The company is a clinical-stage oncology-focused biotechnology group that develops highly potent and targeted antibody drug conjugates for patients suffering from hematological malignancies and solid tumors.

ADC has three candidates: ADCT-402, ADCT-301 and ADCT-602, as well as two preclinical products: ADCT-701 and ADCT-901.

The first two drugs mentioned in the list are the business’ leading treatments and have demonstrated significant clinical activity in heavily pre-treated patients.

ADC is planning to use the proceeds from the IPO to fund the trials of its products, as well as research and development of the preclinical candidates and for working capital and general corporate purposes.

The company recorded contract revenue of USD 2.34 million in the six months to 30th June 2019, compared to USD 625,000 in the corresponding period of 2018.

Loss for the period totalled USD 49.86 million in H1 2019, narrowed from a loss of USD 61.83 million in H1 2018.

Zephyr, the M&A database published by Bureau van Dijk, shows there have been 63 IPOs involving research and development companies in the physical, engineering and life sciences sector announced or completed in 2019 to date.

The largest of these involves Adaptive Biotechnologies of the US raising USD 300.00 million in its stock market debut on Nasdaq in June.

Other companies include Immunotech Biopharm, Turning Point Therapeutics and Personalis.

© Zephus Ltd