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ADC Therapeutics scraps $178.3M NYSE IPO, citing market conditions

Cancer therapy developer ADC Therapeutics SA has withdrawn its $178.3 million IPO on the New York Stock Exchange.

"In light of adverse market conditions, we have determined it is in the best interests of our shareholders to withdraw the registration statement," CEO Chris Martin said in a news release.

The Switzerland-based company had upsized its public float on Sept. 23, saying at the time that it hoped to raise about $178.3 million, with proceeds going toward the clinical development of its product candidates.

ADC Therapeutics had planned to list 8,164,000 of its common shares priced between $23 and $26 apiece under the ticker symbol ADCT. BofA Securities Inc., Cowen and Co. LLC, and Morgan Stanley & Co. LLC were named as underwriters.

The company makes antibody-drug conjugates to treat cancer. Its drug ADCT-402 is in a phase 2 study for patients with hard-to-treat large B cell lymphoma.