Buying time to catch up on sales, ADC Therapeutics takes on $175M loan
With sales of its first antibody-drug conjugate falling below expectations, ADC Therapeutics is taking on a $175 million loan and buying itself some time.
Owl Rock and Oak Tree are providing the loan, which is mainly being used to repay convertible credit notes held by Deerfield. Back in 2020 ADC set up a credit facility with Deerfield that gave it $115 million to prepare for commercialization of what became Zynlonta, with options to repay it either in cash or shares.
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