ADC Therapeutics SA (NYSE: ADCT) stock soared by more than 20% in pre-market trading on Wednesday following the European Commission’s (EC) conditional marketing authorization for the use of Zynlonta (loncastuximab tesirine) for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) – a type of blood cancer.
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Zynlonta has been developed by ADCT. Swedish Orphan Biovitrum AB (Sobi) is likely to launch ZYNLONTA after the completion of the marketing authorization transfer.
This approval also triggers a milestone payment of $50 million to ADC Therapeutics from Sobi after signing an exclusive licensing agreement with Sobi earlier this year to develop and commercialize ZYNLONTA in Europe and select international territories.
Wall Street analysts rate ADCT a Moderate Buy based on three Buys, two Holds and one Sell.