ADC Therapeutics restructures balance sheet with $86.6 million PIPE financing
ADCT•ADC Therapeutics launched a financial restructuring built around an $86.6 million PIPE, expected to close Oct. 22, 2026. The plan also includes a $70 million loan prepayment, amended royalty terms and pro forma cash of about $196 million as of Sept. 30, 2026.
1. Restructuring details
The royalty financing amendment removes a $150 million change-of-control payment, while the senior secured term loan is refinanced through a $70 million prepayment, reducing principal to $50 million with an August 2029 bullet maturity. Revised loan terms remove the minimum liquidity covenant and set a $65 million trailing four-quarter U.S. ZYNLONTA sales covenant starting in Q4 2026.
