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May 14, 2020, 6:56 a.m. EDT

ADC Therapeutics sets IPO terms, to be valued at up to $1 billion

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By Tomi Kilgore

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%.

/zigman2/quotes/214411413/composite
US : U.S.: NYSE
$ 14.67
-1.07 -6.80%
Volume: 143,037
Jan. 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.21 billion
Rev. per Employee
$81,284
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 41.51
-1.25 -2.92%
Volume: 171,978
Jan. 27, 2022 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,326.51
-23.42 -0.54%
Volume: 3.04B
Jan. 27, 2022 5:00p
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