7. ADC Therapeutics

(ADC Therapeutics)

7. ADC Therapeutics
Deal size: $276 million
Valuation: $1.3 billion
Share price: $19.00
Shares sold: 14,082,475

After pulling the plug on its first IPO attempt back in 2019, itself coming off five VC funding rounds, ADC Therapeutics tried its luck during a pandemic and as with so many other biotechs, that gamble paid off: The cancer drug developer reeled in $276 million in an upsized offering. It also marked the beginning of the end of its R&D-only business, with ADC preparing for a potential move into becoming a commercial biotech.

Late last year, the Swiss company nabbed a priority review for its leading drug, loncastuximab tesirine—nicknamed “lonca"—an antibody-drug conjugate targeting CD19 in patients with relapsed diffuse large B-cell lymphoma (DLBCL). The FDA gave it a review date of May 21 of this year as it looks to go head-to-head head in the market with approved next-gen CAR-T therapies, including Novartis’ Kymriah and Gilead’s Yescarta.

Following that lead indication, should it be approved, ADC is also developing lonca for other blood cancers, including follicular lymphoma, following the same playbook as other biotechs who typically start with DLBCL and work their way through the blood cancer pathway.

Outside of lonca, ADC also aims to finish a phase 2 study of camidanlumab tesirine, or “cami,” which targets CD25 to treat Hodgkin and non-Hodgkin lymphomas. The drug was hit with a partial clinical hold last year, but it was later lifted.

7. ADC Therapeutics