ADC Therapeutics SA amended its royalty financing agreement with HealthCare Royalty to lower the change-of-control payment to $150 million through 2027 and $200 million thereafter, while keeping royalty payments in place until the original cap is reached. In exchange, HealthCare Royalty received warrants to buy about 9.8 million ADC Therapeutics shares at $3.81 per share, exercisable through Dec. 31, 2030 and locked up through 2027.

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