 ADC Therapeutics S.A. set terms of its initial public offering, as the Switzerland-based biotechnology company focused on cancer treatments looks to raise up to 185.3 million. ADC is offering 10,295,000 shares in the IPO, which is expected to price between 16 and 18. With 56.58 million shares outstanding after the IPO, the company could be valued at 1.02 billion if the IPO prices at 18. The stock will be listed on the NYSE under the ticker symbol ADCT. Morgan Stanley, BofA Securities and Cowen are the lead underwriters. 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 looking to go public at a time that the Renaissance IPO ETF has slipped 5.1 over the past three months while the SP; 500 has dropped 16.6. 