The AstraZeneca-backed cancer drug developer had hoped to raise up to $212m in a US flotation but is instead pulling back due to unfavourable market conditions.

ADC Therapeutics, a Switzerland-based oncology drug developer spun off from pharmaceutical firm AstraZeneca subsidiary Spirogen, has withdrawn its initial public offering, citing adverse market conditions. Founded in 2011, ADC is working on targeted antibody drug conjugates intended to treat solid tumours and haematological malignancies. It filed for its IPO last month and set a range…

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