Adverse market conditions were the reason cited by ADC Therapeutics SA in cancelling its proposed US initial public offering on 2 October. The IPO was intended to raise up to $200 million through the issue of 8.2 million shares on the New York Stock Exchange.
But the offering was cancelled a little more than a week after the launch.
“In light of adverse market conditions, we have determined it is in the best interests of our shareholders to withdraw the registration statement,” Chris Martin, the company’s chief executive, said in a press release.