Why ADC Therapeutics Stock Is Rising Today
ADC Therapeutics SA ADCT The shares are trading up 11.56% at $10.23 on Friday afternoon after the company entered into an exclusive licensing agreement with Swedish Orphan Biovitrum for the development and commercialization of ZYNLONTA.
Under the terms of the agreement, ADC Therapeutics says the company will receive an upfront payment of $55 million and is eligible to receive $50 million upon regulatory approval of ZYNLONTA in third-line DLBCL per the European Commission and up to approximately an additional $330 million. regulatory and commercial milestones.
ADC Therapeutics says the company will also receive a royalty percentage ranging from mid-teens to mid-twenties based on net sales of ZYNLONTA in Sobi territories. Sobi will share a portion of the costs of selected global clinical trials of ZYNLONTA.
“We are excited to establish this important partnership with Sobi to continue to expand our global reach to bring ZYNLONTA to as many patients as possible worldwide,” said Ameet MallikCEO of ADC Therapeutics.
“Sobi has a strong global business infrastructure, proven capabilities in hematology and rare diseases, and most importantly, shares our passion for improving the lives of patients.
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ADC Therapeutics is a commercial-stage oncology-focused biotechnology company.
According to data from Benzinga Pro, ADC Therapeutics has a 52 week high of $32.00 and a 52 week low of $5.52.