Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
ADC Therapeutics SA announced a restructuring with charges of approximately $6 million to $7 million affecting U.K. research and development facility (approximately 30%).
- Type
- restructuring
- Charge
- approximately $6 million to $7 million
- Affected area
- U.K. research and development facility
- Headcount
- approximately 30%
Exact text from the filing
On June 11, 2025, the Board of Directors of the Company approved a strategic reprioritization and restructuring plan (the “Restructuring”) to focus resources on ZYNLONTA® (loncastuximab tesirine-lpyl) expansion opportunities and the advancement of its preclinical exatecan-based ADC targeting prostate-specific membrane antigen (PSMA). The Company will discontinue early development efforts for the remaining preclinical programs in solid tumors. In connection with the Restructuring, the Company plans to shut down its U.K. research and development facility and reduce its global workforce across functions by approximately 30%, which is expected to be substantially completed by September 30, 2025. The Company estimates that it will incur one-time pre-tax restructuring charges of approximately $6 million to $7 million for employee severance, benefits and related termination costs, the majority of which the Company expects to be recognized in the second quarter of 2025.
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