 ADC Therapeutics S.A. priced its initial public offering at 19 a share late Thursday, above its proposed price range of 16 to 18, and increased the size to 12.2 million shares from 10.3 million when it set terms. The Swiss biotechnology company focused on cancer treatments raised 233 million with proceeds to be used to fund clinical research. The stock will start trading on the NYSE later Friday under the ticker symbol ADCT. Morgan Stanley, BofA Securities and Cowen were the lead underwriters on the deal. The company recorded a net loss of 116.5 million on contract revenue of 2.3 million in 2019, compared with a loss of 123.1 million on revenue of 1.1 million in 2018. ADC is going public at a time that the Renaissance IPO ETF has slipped 4 over the past three months while the SP; 500 has dropped 16. 