Sep. 29 at 9:15 PM
$ADCT
If you’re just looking at the HealthCare Royalty overhang, that’s basically the “Rolls-Royce baggage” in any buyout. ADCT has around 112–113M basic shares outstanding (closer to 129M fully diluted if all pre-funded warrants convert).
The royalty deal caps out around
$730M -
$810M in a change-of-control scenario, which translates to roughly minimum buyout share price:
•
$6.5 - 7.2 per share on a basic share count
•
$5.6 - 6.3 per share on a fully diluted basis
So any acquirer is effectively carrying that extra weight before even considering the term loan, cash position, pipeline value, or Zynlonta upside.
No investment advice.
