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ADC Therapeutics upsizes NYSE IPO to raise about $178.3M

ADC Therapeutics SA, which is developing antibody-drug conjugates to treat cancer, has upsized its planned NYSE IPO and is now looking to raise about $178.3 million.

The Switzerland-based drugmaker plans to list 8,164,000 of its common shares priced between $23 and $26 apiece under the ticker symbol ADCT.

Also, underwriters have been given a 30-day option to buy up to 1,224,600 additional common shares at the offering price, less underwriting discounts and commissions.

The company, which counts U.K. pharmaceutical giant AstraZeneca PLC among its investors, previously announced that it filed for an IPO to raise up to $150 million.

ADC plans to use net proceeds from the offering primarily for the clinical development of its product candidates. The company is developing ADCT-402 in an ongoing phase 2 study for patients with relapsed or refractory diffuse large B cell lymphoma, a type of blood cancer.

BofA Securities Inc., Cowen and Co. LLC, and Morgan Stanley & Co. LLC are the underwriters of the offering.