VC-backed ADC Therapeutics announces IPO

The company plans to raise $150m through the offering, and use the proceeds to advance its clinical trials, as well as other research and development initiatives.

The company generated contract revenues of $1.1m and a net loss of $89.9m in 2018. It has raised €490m over six equity funding rounds since 2012, according to Unquote Data.

Auven Therapeutics GP, AstraZeneca UK and HPWH TH are listed as the company's principal shareholders in the offering document.

Founded in 2012, ADC develops drugs for the treatment of haematological cancer and solid tumours. The company is based in Lausanne with R&D operations in London, clinical operations in New Jersey, and chemistry, manufacturing and controls operations in San Francisco. The company employs more than 80 people.

Morgan Stanley, Bank of America Securities, and Cowen and Company are bookrunners for the offering, while Davis Polk and Wardwell are legal advisers. The underwriters are being represented by Cooley.

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