Swiss biotech ADC Therapeutics guns for $150M IPO

After a bumper series of private funding rounds, cancer biotech ADC Therapeutics is now looking to go public with a $150 million New York Stock Exchange IPO attempt.

Back in June, ADC expanded its series E by $76 million, bringing the financing to a massive $276 million and its total haul to $531 million. The cash, as well as its hoped for $150 million haul from its IPO, will advance the company’s pipeline of pyrrolobenzodiazepine-based antibody-drug conjugates (ADCs), including an FDA submission for its lead program in 2020.

The company is wrapping up the pivotal phase 2 study for ADCT-402 (loncastuximab tesirine), its lead program, in relapsed or refractory diffuse large B-cell lymphoma (DLBCL) and expects to unveil top-line data later this year. ADC plans to file for FDA approval as a single agent in that particular blood cancer by the end of next year.

ADC is also studying ADCT-402 on its own in non-Hodgkin lymphoma and in combination with Johnson & Johnson and Pharmacyclics' BTK inhibitor Imbruvica for relapsed or refractory DLBCL and mantle cell lymphoma, as well as with the British pharma’s checkpoint inhibitor Imfinzi for follicular lymphoma in addition to DLBCL and mantle cell lymphoma.

RELATED: ADCT says decision to pull HER2 drug doesn’t affect other candidates

The company plans to follow the BLA for ADCT-402 with a filing for ADCT-301, which it’s developing for Hodgkin and non-Hodgkin lymphomas and solid tumors. While ADCT-402 targets CD19, ADCT-301 targets CD25 on regulatory T cells. ADC hopes this mechanism will prove effective in hard-to-treat solid tumors that don’t tend to respond to checkpoint inhibitors, such as head and neck cancer and pancreatic cancer.

The treatment is designed to knock down regulatory T cells to bring about an immune response to these types of tumors.

Its first filing for ADCT-301, however, will be in a blood cancer. ADC is gearing up for a BLA-enabling phase 2 study for ADCT-301 in relapsed or refractory Hodgkin lymphoma.

The company plans to launch its first product, ADCT-402, in 2021, going it alone in North America and marketing it with partners in the rest of the world, ADC recently told FierceBiotech in an interview after its series E. It plans to go the same route for ADXT-301.

It’s not all been smooth sailing for the company, however. Last April, it abandoned one of its mid-pipeline candidates for HER2-positive cancers because of toxicity issues in a phase 1 trial in solid tumors. But this hasn’t affected its other programs or its ability raise cash.

The company plans to list on the New York Stock Exchange under the symbol "ADCT."