ADC Therapeutics SA, a commercial-stage global leader and pioneer in the field of antibody drug conjugates (ADCs), announced that it has entered into securities purchase agreements for the sale of its equity securities to certain institutional investors in a $100.0 million private investment in public equity (“PIPE”) financing. In the PIPE, ADC Therapeutics is selling 13.0 million common shares at $3.53 per share and pre-funded warrants to purchase 15.7 million common shares at $3.43, per pre-funded warrant, which is the price per common share in the PIPE minus the exercise price of CHF 0.08 per pre-funded warrant.

Gross proceeds from the PIPE financing are anticipated to be approximately $100.0 million before deducting placement agent fees and offering expenses. The PIPE is expected to close on June 16, 2025, subject to customary closing conditions. ADC Therapeutics intends to use the net proceeds from the PIPE to fund multiple catalysts primarily in support of ZYNLONTA^® clinical development as well as ZYNLONTA commercialization activities, working capital and general corporate purposes.

Beyond ZYNLONTA, the Company will advance its preclinical exatecan-based ADC targeting prostate-specific membrane antigen (PSMA) and will discontinue early development efforts for the remaining preclinical programs in solid tumors. As research and development efforts and related programs are closed out, the Company plans to shut down its UK facility and reduce the global workforce across functions by approximately 30%, which is expected to be substantially completed by September 30, 2025. The Company estimates that it will incur one-time cash restructuring charges of between $6 and 7 million for employee severance, benefits and related termination costs, the majority of which will be recognized in the second quarter of 2025.