BioCentury
ARTICLE | Finance

As biotech IPO pace quickens, ADC Therapeutics garners largest postmoney valuation of the year

Swiss cancer company’s debut is the latest sign of a robust market for fresh paper

May 15, 2020 5:19 PM UTC
Updated on May 16, 2020 at 2:12 AM UTC

Adding to a steady drip of biotechs testing U.S. public markets, ADC Therapeutics became the latest to climb on its trading debut after pricing an upsized IPO.

ADC Therapeutics S.A. (NYSE:ADCT) rose $10.65 (56%) to $29.65 Friday after raising $232.7 million through the sale of 12.2 million shares at $19. The pricing valued the Swiss company at $1.3 billion, giving it the largest postmoney valuation this year for a therapeutics developer going public on a U.S. exchange. In its most recently updated prospectus, ADC Therapeutics had hoped to sell 10.3 million shares at $16-$18...

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ADC Therapeutics S.A.