4BIO Capital portfolio company ADC Therapeutics SA closes an upsized IPO of over $267.6 million
LONDON & BOSTON – 4BIO Capital (“4BIO” or “the Group”), an international venture capital firm focused solely on the advanced therapies sector, notes that portfolio company ADC Therapeutics SA, a late clinical stage oncology-focused biotechnology company, yesterday announced the closing of its upsized initial public offering (IPO).
ADC Therapeutics raised approximately $267.7 million (before deducting underwriting discounts and commissions and estimated offering expenses payable by ADC Therapeutics) through the offering of 14,082,475 common shares at a price of $19.00 per share, which included the exercise in full by the underwriters of their option to purchase 1,836,844 additional common shares. The shares begun trading on the New York Stock Exchange on May 15, 2020, under the ticker “ADCT”.
The oncology-focused biotechnology company is pioneering the development and commercialisation of highly potent and targeted antibody drug conjugates for patients suffering from haematological malignancies and solid tumours. The Company develops ADCs by applying its decades of experience in this field and using next-generation pyrrolobenzodiazepine (PBD) technology to which ADC Therapeutics has proprietary rights for its targets. The Company has multiple PBD-based ADCs, including Lonca and Cami, in late stage clinical trials, as well as additional clincal and preclinical assets in early development.
Dmitry Kuzmin, Managing Partner at 4BIO Capital, said: “We are delighted to see further progress of ADC Therapeutics with its graduation to a public company today, having been long-time supporters of the company and its technology since 2015. ADC Therapeutics’ drugs have huge potential to help cancer patients in settings where there are few, or no therapeutic options, which fits closely with the overall purpose of our fund. We have supported the Company’s advancement through the clinic, and are looking forward to its continued progress.”
Morgan Stanley, BofA Securities and Cowen acted as joint book-running managers for the offering.