ADC Therapeutics S.A. /zigman2/quotes/214411413/composite ADCT +1.47% priced its initial public offering at $19 a share late Thursday, above its proposed price range of $16 to $18, and increased the size to 12.2 million shares from 10.3 million when it set terms. The Swiss biotechnology company focused on cancer treatments raised $233 million with proceeds to be used to fund clinical research. The stock will start trading on the NYSE later Friday under the ticker symbol "ADCT." Morgan Stanley, BofA Securities and Cowen were the lead underwriters on the deal. 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 going public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO 0.00% has slipped 4% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.31% has dropped 16%.
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