ADC Therapeutics Prices Upsized IPO At $19/Shr, Above The Estimated Range

(RTTNews) - Epalinges, Switzerland-based ADC Therapeutics announced the pricing of initial public offering of 12.25 million shares at $19.00 per share, above the expected range of $16 to $18 per share.

The company has originally filed to sell 7.355 million shares of its common stock.

The company said that its shares will begin trading on the New York Stock Exchange on May 15, 2020 under the ticker symbol "ADCT."

In addition, ADC Therapeutics has granted underwriters a 30-day option to purchase up to 1.84 million additional common shares.

The company expects to close the offering on May 19, 2020 and expects offering gross proceeds, before expenses, to be approximately $232.7 million.

Morgan Stanley, BofA Securities and Cowen are acting as joint book-running managers for the offering.