ADC Therapeutics restructures finances with $86.6 million private placement

ADC Therapeutics SA announced on October 8, 2026 a comprehensive strategic financial restructuring designed to strengthen its balance sheet, reduce leverage, and increase strategic optionality while extending the expected cash runway into 2029¹.

The company entered into securities purchase agreements for an $86.6 million private investment in public equity, selling 12.9 million common shares at $1.42 per share and pre-funded warrants to purchase 48.1 million common shares at $1.32 per warrant¹, with participation from new investor Bain Capital Life Sciences and existing investors Redmile, TCGX, and Nantahala Capital, according to the filing. The placement is expected to close on October 22, 2026, subject to customary closing conditions¹. Proceeds are intended to fund ZYNLONTA pipeline studies, including Phase 3 trials in diffuse large B-cell lymphoma combining ZYNLONTA with glofitamab and marginal zone lymphoma with ZYNLONTA monotherapy, and to strengthen the balance sheet¹.

Separately, the company amended its agreement with HealthCare Royalty, under which HCR has provided $300 million of funding to date, and the amendment eliminates the $150 million payment otherwise required solely upon a change of control¹. The amendment also permits the company to buy out remaining royalty obligations without a change of control by paying HCR $525 million if the buyout occurs on or before December 31, 2029, or $750 million thereafter, less royalties already paid¹.

On the loan side, the company will prepay $70.0 million of term loan principal, leaving $50.0 million outstanding¹, with amortization eliminated, the minimum liquidity covenant removed, and a minimum trailing four-quarter U.S. ZYNLONTA sales covenant of $65.0 million set starting the quarter ending December 31, 2026¹.

The company estimated preliminary third-quarter ZYNLONTA net product revenue of approximately $21.0 million and cash and cash equivalents of $189.2 million as of September 30, 2026¹, figures described as preliminary and unaudited¹.