ADC Therapeutics Ltd (ADCT) has released an update to notify the public and investors about an entry into a material definitive agreement.
ADC Therapeutics SA entered into an agreement with Redmile Group, LLC, which establishes Redmile’s preemptive and advance subscription rights for the Company’s shares, provided certain ownership conditions are met. The agreement ensures that Redmile’s rights will not be restricted by the Company’s board of directors unless Redmile aims for a change of control in the Company. The agreement remains in effect until certain conditions such as changes in ownership level, incorporation status, or the Company’s articles of association occur.
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