ADC Therapeutics announces $60M private placement

ADC Therapeutics (ADCT) announced that it has entered into securities purchase agreements for the sale of its equity securities to certain institutional investors in a $60M private investment in public equity financing. In the PIPE, ADC Therapeutics is selling 11.3M common shares at $4.00 per share and pre-funded warrants to purchase 3.8M common shares at $3.90 per pre-funded warrant, which is the price per common share in the PIPE minus the exercise price of CHF 0.08 per pre-funded warrant. The PIPE is led by TCGX and includes participation from Redmile Group and other existing investors. Gross proceeds from the PIPE financing are anticipated to be approximately $60M before deducting placement agent fees and offering expenses. The PIPE is expected to close on October 27, subject to customary closing conditions. Jefferies is acting as placement agent for the PIPE.