ADC Therapeutics launches financial restructuring, lines up $86.6 million PIPE financing

• ADC Therapeutics launched a financial restructuring built around an $86.6 million PIPE, extending expected cash runway into 2029.
• PIPE terms include 12,900,000 common shares at $1.42, pre-funded warrants for 48,100,000 shares at $1.32.
• HealthCare Royalty agreement amended to remove a $150 million change-of-control payment, conditional on PIPE completion by Oct. 31, 2026.
• Senior secured term loan to be refinanced to $50 million outstanding via a $70 million prepayment, conditional on PIPE closing.
• Amended loan removes minimum liquidity covenant, sets $65 million trailing four-quarter U.S. ZYNLONTA sales covenant from Dec. 31, 2026.

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