Davis Polk advised ADC Therapeutics SA in connection with its entry into a facility agreement with Deerfield Partners, L.P., pursuant to which Deerfield agreed to extend senior secured convertible term loans to ADC Therapeutics in two separate disbursements of $65 million and $50 million, each subject to the satisfaction of certain conditions precedent. Each convertible loan will be evidenced by a convertible note, which may be converted into common shares of ADC Therapeutics.
Headquartered in Switzerland, ADC Therapeutic is a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent and targeted antibody drug conjugates for patients suffering from hematological malignancies and solid tumors.
The Davis Polk equity derivatives team included partners John M. Brandow and Derek Walters. The finance team included partners Jeong M. Lee and Nick Benham and associates Welton E. Blount, Emily Durling, Claudia Herron and Stephen M. Rettger. The capital markets team included partners Deanna L. Kirkpatrick and Yasin Keshvargar and associate David Li. Members of the Davis Polk team are based in the New York and London offices.