Benzinga | Sep 24, 2020 05:37AM EDT

ADC Therapeutics Priced Upsized 6M Share Public Offering of Common Stock @$34/Share

ADC Therapeutics SA (NYSE:ADCT) announced Wednesday the pricing of an upsized public offering of 6,000,000 shares of its common shares at a price of $34.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by ADC Therapeutics, are expected to be approximately $204 million. The offering is expected to close on September 28, 2020, subject to customary closing conditions. In addition, certain existing shareholders have granted the underwriters a 30-day option to purchase up to 900,000 additional common shares. ADC Therapeutics will not receive any proceeds from the sale of such shares by the selling shareholders.

Morgan Stanley, BofA Securities and Cowen are acting as joint book-running managers for the offering. RBC Capital Markets is acting as co-manager for the offering.