Switzerland-based ADC Therapeutics SA has launched an initial public offering of its shares on the New York Stock Exchange which is expected to raise approximately $200 million. This comes ahead of an expected regulatory filing for its lead cancer therapy ADCT-402 in the second half of 2020.
The company is offering 8.2 million shares at a price range of $23 to $26 per share. In addition, underwriters have an option to purchase up to 1.2 million additional common shares. Morgan Stanley, Bank of America Merrill Lynch and Cowen are acting as joint book-runners for the offering.