ADC Therapeutics S.A. /zigman2/quotes/214411413/composite ADCT -6.80% 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 the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -2.92% has slipped 5.1% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.54% has dropped 16.6%.
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