Switzerland-based cancer therapy developer ADC Therapeutics has filed for a $150m initial public offering on the New York Stock Exchange that would enable pharmaceutical company AstraZeneca to exit.
Spun off from AstraZeneca subsidiary Spirogen in 2011, ADC is developing antibody drug conjugates that will target haematological malignancies and solid tumours.
The IPO proceeds will support the advance of ADC’s lead product candidate, ADCT-402, through a phase 2 clinical trial for relapsed or refractory diffuse large B-cell lymphoma as well as a phase 1b trial in combination with existing treatments ibrutinib and durvalumab.
Additional proceeds will help to advance a second candidate, ADCT-301, through a phase 2 trial for relapsed or refractory Hodgkin lymphoma and a phase 1b trial for solid tumours. They will also fund the progress of two more candidates, through phase 1/2 and phase 1 trials respectively.
The offering comes after $531m of funding, with the company most recently closing a $276m series E round featuring AstraZeneca, private equity firm Auven Therapeutics, Redmile, Wild Family Office and unnamed additional investors in June this year.
Auven is the company’s largest shareholder, owning 42.7% of its shares, while AstraZeneca holds a 7.1% stake and Wild Family Office 11.6%. Morgan Stanley, BofA Merrill Lynch and Cowen are joint book-running managers for the offering.
