Switzerland-based oncology drug developer ADC Therapeutics (ADCT) raised $80m yesterday through a private placement subscribed to by investors including pharmaceutical firm AstraZeneca.
AstraZeneca was joined by Auven Therapeutics, the private equity firm that was a joint founder of ADCT in 2012, and undisclosed US and European investors.
ADCT is working on antibody drug conjugates to treat cancer, and will spend the money on advancing a drug portfolio that includes ADCT-301, a therapeutic for lymphoma and leukaemia currently in Phase I trials.
The company intends to advance another two candidates in conjunction with MedImmune, which acts as AstraZeneca’s biologics research and development unit, and aims to bring up to seven drug candidates to clinical trials by 2017.
ADCT also plans to expand its UK-based research and development team and its regulatory, clinical and manufacturing capabilities in the US, as well as its legal, finance and Europe-focused clinical teams in Switzerland.
The funding follows a $40m round funded by MedImmune and Auven in 2013, $20m of which was supplied by MedImmune. ADCT was advised on the latest private placement by Christoph Ladanyi, managing director of BLMS Capital, and its corporate legal counsel Homburger.