# EDGAR Filing Document

**Accession Number:** 0001771910
**File Stem:** 0000950103-25-008153
**Filing Date:** 2025-6
**Character Count:** 211848
**Document Hash:** 6640113f621bb88ecbb3efa6f7fa7580
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-008153.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0000950103-25-008153

**CONFORMED SUBMISSION TYPE**: S-3

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADC Therapeutics SA
- **CENTRAL INDEX KEY:** 0001771910
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288437
- **FILM NUMBER:** 251093387

**BUSINESS ADDRESS:**
- **STREET 1:** BIOPOLE
- **STREET 2:** ROUTE DE LA CORNICHE 3B
- **CITY:** EPALINGES
- **STATE:** V8
- **ZIP:** 1066
- **BUSINESS PHONE:** 41 21 653 02 00

**MAIL ADDRESS:**
- **STREET 1:** BIOPOLE
- **STREET 2:** ROUTE DE LA CORNICHE 3B
- **CITY:** EPALINGES
- **STATE:** V8
- **ZIP:** 1066

**As filed with the Securities and Exchange Commission on June 30, 2025.**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-3**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**ADC THERAPEUTICS SA**

(Exact name of Registrant as specified in its charter)

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| | |
|:---|:---|
| **Switzerland** | **Not Applicable** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

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**Biopôle**

**Route de la Corniche 3B**

**1066 Epalinges**

**Switzerland**

**+41 21 653 02 00**

(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

**ADC Therapeutics America, Inc.**

**430 Mountain Avenue, 4<sup>th</sup> Floor**

**New Providence, New Jersey 07974**

**(908) 731-5556**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

*Copies to:*

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| | |
|:---|:---|
| **Deanna L. Kirkpatrick <br> Yasin Keshvargar <br> Davis Polk & Wardwell LLP <br> 450 Lexington Avenue <br> New York, NY 10017 <br> (212) 450-4000** | **Dieter Gericke <br> Daniel Häusermann<br> Homburger AG <br> Hardstrasse 201 <br> CH-8005 Zurich, Switzerland<br> +41 43 222 10 00** |

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Approximate date of commencement of proposed sale to the public: From time to time after the effectiveness of this registration statement.

If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until this registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**The information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED June 30, 2025**

**PROSPECTUS**

![](image_003.jpg)

**ADC THERAPEUTICS SA**

**27,726,052 Common Shares**

Pursuant to this prospectus, the selling shareholders may offer an aggregate of 27,726,052 common shares from time to time if and to the extent as they may determine as described in the section entitled "Plan of Distribution" at prevailing market prices, at prices different than prevailing market prices or at privately negotiated prices. If any common shares are sold, the selling shareholders will pay any brokerage commissions and/or similar charges incurred for the sale of such shares.

As required by the securities purchase agreements, dated June 11, 2025, with the selling shareholders, we are filing the registration statement of which this prospectus forms a part to permit the resale of 11,991,785 common shares and 15,734,267 common shares issuable upon exercise of the pre-funded warrants, in each case, issued and sold to the selling shareholders pursuant to such securities purchase agreements. We do not know whether, when or the extent to which the selling shareholders will sell the common shares.

We are not selling any common shares included in this prospectus and will not receive any of the proceeds from the sale of any common shares by the selling shareholders pursuant to this prospectus. However, if the pre-funded warrants are exercised in cash, we may receive up to an aggregate of CHF 1,258,741.36 from such exercise, which will be used for working capital and general corporate purposes.

Our common shares are listed on the New York Stock Exchange ("NYSE") under the symbol "ADCT."

**Investing in our common shares involves a high degree of risk. See the "Risk Factors" section beginning on page 5 of this prospectus and in our Securities and Exchange Commission ("SEC") filings that are incorporated by reference in this prospectus.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

Prospectus dated , 2025.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [ABOUT THIS PROSPECTUS](#a_001) | [1](#a_001) |
| [PROSPECTUS SUMMARY](#a_002) | [2](#a_002) |
| [RISK FACTORS](#a_003) | [5](#a_003) |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | [6](#a_004) |
| [USE OF PROCEEDS](#a_005) | [8](#a_005) |
| [DIVIDEND POLICY](#a_006) | [9](#a_006) |
| [DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION](#a_007) | [10](#a_007) |
| [‎TAXATION](#a_008) | [31](#a_008) |
| [SELLING SHAREHOLDERS](#a_009) | [40](#a_009) |
| [PLAN OF DISTRIBUTION](#a_010) | [42](#a_010) |
| [LEGAL MATTERS](#a_011) | [44](#a_011) |
| [EXPERTS](#a_012) | [44](#a_012) |
| [ENFORCEMENT OF JUDGMENTS](#a_013) | [44](#a_013) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_014) | [45](#a_014) |
| [INFORMATION INCORPORATED BY REFERENCE](#a_015) | [46](#a_015) |

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**[**Table of Contents**](#toc)** 

**ABOUT THIS PROSPECTUS**

Before buying any of the common shares that the selling shareholders are offering, you should carefully read both this prospectus and any prospectus supplement with all of the information incorporated by reference in this prospectus, as well as the additional information described under the heading "Where You Can Find More Information" and "Information Incorporated by Reference." These documents contain important information that you should consider when making your investment decision. We have filed or incorporated by reference exhibits to the registration statement of which this prospectus forms a part. You should read the exhibits carefully for provisions that may be important to you.

To the extent there is a conflict between the information contained in this prospectus, on the one hand, and the information contained in any prospectus supplement or in any document incorporated by reference in this prospectus, on the other hand, you should rely on the information in this prospectus, provided that if any statement in one of these documents is inconsistent with a statement in another document having a later date—for example, a prospectus supplement or a document incorporated by reference in this prospectus—the statement in the document having the later date modifies or supersedes the earlier statement.

The information contained in this prospectus, any applicable prospectus supplement or any document incorporated by reference in this prospectus is accurate only as of their respective dates, regardless of the time of delivery of this prospectus, any applicable prospectus supplement or the documents incorporated by reference in this prospectus or the sale of any common shares. Our business, financial condition, results of operations and prospects may have changed materially since those dates.

We and the selling shareholders have not authorized anyone to provide any information or to make any representations other than as contained in this prospectus, any amendment or supplement to this prospectus, or any free writing prospectus prepared by or on behalf of us or to which we may have referred you. We and the selling shareholders take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any securities other than the common shares described in this prospectus or an offer to sell or the solicitation of an offer to buy such common shares in any circumstances in which such offer or solicitation is unlawful.

For investors outside the United States: Neither we nor any selling shareholder have taken any action that would permit this offering or the possession or distribution of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering of common shares and the distribution of this prospectus outside the United States.

Unless otherwise indicated or the context otherwise requires, all references in this prospectus to "ADC Therapeutics," "ADCT," the "Company," "we," "our," "ours," "us" or similar terms refer to ADC Therapeutics SA and its consolidated subsidiaries.

**Trademarks**

We own various trademark registrations and applications, and unregistered trademarks, including ADC Therapeutics, ADCT, ZYNLONTA and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this prospectus are the property of their respective owners. Solely for convenience, the trademarks and trade names in this prospectus may be referred to without the <sup>®</sup> and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

**[**Table of Contents**](#toc)** 

**PROSPECTUS SUMMARY**

*This summary highlights information contained elsewhere in this prospectus or incorporated by reference in this prospectus. This summary may not contain all the information that may be important to you, and we urge you to read this entire prospectus and the documents incorporated by reference in this prospectus carefully before deciding to invest in our common shares.*

**Overview**

ADC Therapeutics is a commercial-stage global leader and pioneer in the field of antibody drug conjugates ("ADCs"). The Company is advancing its proprietary ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors. The Company's CD19-directed ADC ZYNLONTA (*loncastuximab tesirine-lpyl*) received accelerated approval by the Food and Drug Administration ("FDA") and conditional approval from the European Commission for the treatment of relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy. ZYNLONTA is also in development in combination with other agents and in earlier lines of therapy.

**Recent Developments**

***Private Placement***

On June 11, 2025, we entered into securities purchase agreements for the sale of our equity securities to certain institutional investors in a $100 million private placement. In the private placement, we sold 13,031,161 common shares at $3.53 per share, which is the last reported sale price of the common shares on the New York Stock Exchange on June 11, 2025, and pre-funded warrants to purchase 15,734,267 common shares at $3.432 per pre-funded warrant, which is the price per common share in the private placement minus the exercise price per pre-funded warrant. The private placement closed on June 16, 2025. For additional information, see our Current Report on Form 8-K filed with the SEC on June 12, 2025 and incorporated by reference in this prospectus. We are filing the registration statement of which this prospectus forms a part to permit the resale of the common shares sold in the private placement and the common shares issuable upon exercise of the pre-funded warrants sold in the private placement.

***LOTIS-7 Data***

On June 12, 2025, we announced updated data from the LOTIS-7 Phase 1b open-label clinical trial evaluating the safety and efficacy of ZYNLONTA in combination with the bispecific antibody glofitamab in patients with relapsed or refractory diffuse large B-cell lymphoma. The updated data is as of April 14, 2025. Relapsed or refractory LBCL patients received dose levels of 120 µg/kg or 150 µg/kg of ZYNLONTA plus the bispecific antibody glofitamab, with 41 patients evaluable for safety and 30 patients evaluable for efficacy. The following are highlights of the updated data:

&nbsp;&nbsp;&nbsp;&nbsp;· Best overall response data among the 30 efficacy evaluable patients shows
overall response rate ("ORR") of 93.3% (28/30 patients) as assessed by Lugano Criteria

&nbsp;&nbsp;&nbsp;&nbsp;· Complete response ("CR") rate of 86.7% (26/30 patients). Of these,
25/26 patients achieving CR remain in CR as of the data cut-off

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Median time to CR in 120 µg/kg = 80 days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Median time to CR in 150 µg/kg = 42 days

&nbsp;&nbsp;&nbsp;&nbsp;· 12 patients converted from stable disease ("SD") or partial response
("PR") to CR over time (1 and 11 patients, respectively)

&nbsp;&nbsp;&nbsp;&nbsp;· Of the 6 patients previously treated with CAR-T and undergoing response assessment,
5 achieved a CR

**[**Table of Contents**](#toc)** 

&nbsp;&nbsp;&nbsp;&nbsp;· Among the 41 safety evaluable patients, the combination was generally well
tolerated with a manageable safety profile and no DLTs across dose levels

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Grade 3 or higher treatment emergent adverse events ("TEAEs") observed in > 5% of patients included neutropenia (24.4%),
anemia (9.8%), AST increased (7.3%), GGT increased (7.3%), and thrombocytopenia (7.3%)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In the 150 µg/kg dose, cytokine release syndrome ("CRS") (23.8%), all of which were Grade 1, and immune effector
cell-associated neurotoxicity syndrome ("ICANS") (4.8%), with one case of Grade 2, were observed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o In the 120 µg/kg dose, CRS all grades (55%), all of which were Grade 1/2 except one case of Grade 3, and ICANS (10%), with one
case of Grade 1 and one case of Grade 2, were observed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o TEAEs leading to discontinuation included 3 each for ZYNLONTA and glofitamab

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o There were no Grade 5 TEAEs observed

***MZL Data***

On June 16, 2025, we announced updated data from a Phase 2 multicenter investigator-initiated trial ("IIT") of ZYNLONTA to treat relapsed/refractory marginal zone lymphoma ("r/r MZL"), being conducted at the Sylvester Comprehensive Cancer Center at the University of Miami and at City of Hope. As of February 10, 2025, a total of 27 adult patients with r/r MZL and previously treated with ≥1 line of systemic therapy were enrolled with 26 patients evaluable for response. Highlights of the data include:

&nbsp;&nbsp;&nbsp;&nbsp;· ORR of 84.6% (22/26); CR rate of 69.2% (18/26)

&nbsp;&nbsp;&nbsp;&nbsp;· Among POD24 patients assessed for response, a CR rate of 61.5% (8/13) was
observed

&nbsp;&nbsp;&nbsp;&nbsp;· CR was maintained in 17 of 18 CR patients who achieved CR, with longest duration
of CR of 27 months from start of treatment

&nbsp;&nbsp;&nbsp;&nbsp;· Progression-free survival ("PFS") was 92.9% at 12 months

&nbsp;&nbsp;&nbsp;&nbsp;· 27 enrolled patients experienced adverse events ("AE"), consistent
with the known safety profile of ZYNLONTA and most commonly grade 1 or 2. Grade 3 and 4 AEs were observed in 16 and 2 patients, respectively,
and included neutropenia, RSV lung infection and hyponatremia (with 2 AEs occurring in the same patient). Three patients needed dose reduction
and one patient discontinued treatment after cycle 4 due to cholestatic hepatitis that fully recovered.

**Company and Corporate Information**

We are a Swiss stock corporation (*société anonyme*) organized under the laws of Switzerland. We were incorporated ‎as a Swiss limited liability company (*société à responsabilité limitée*) on June 6, 2011 and converted into a Swiss ‎stock corporation (*société anonyme*) under the laws of Switzerland on October 13, 2015. We have two ‎subsidiaries: ADC Therapeutics (UK) Limited and ADC Therapeutics America, Inc. ‎Our principal executive office is located at Biopôle, Route de la Corniche 3B, 1066 Epalinges, Switzerland and our ‎telephone number is +41 21 653 02 00. Our website is *adctherapeutics.com*. The reference to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated into this prospectus or the registration statement of which it forms a part.

**The Offering**

Common shares offered for resale by the selling shareholders Up to 27,726,052 shares.

**[**Table of Contents**](#toc)** 

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| | |
|:---|:---|
| Use of proceeds | We will not receive any of the proceeds from the sale of any common shares by the selling shareholders pursuant to this prospectus. However, if the pre-funded warrants are exercised in cash, we may receive up to an aggregate of CHF 1,258,741.36 from such exercise, which will be used for working capital and general corporate purposes. |
| Risk factors | Investing in our common shares involves a high degree of risk. See the "Risk Factors" section beginning on page 5 of this prospectus and in the documents incorporated by reference in this prospectus for a discussion of factors you should consider before deciding to invest in our common shares. |
| NYSE symbol | "ADCT" |

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**[**Table of Contents**](#toc)** 

**RISK FACTORS**

Investing in our common shares involves a high degree of risk. Before making a decision to invest in our common shares, you should carefully consider the risks described in our then-most recent Annual Report on Form 10-K and any updates to those risk factors in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K incorporated by reference in this prospectus, together with all of the other information appearing or incorporated by reference in this prospectus, in light of your particular investment objectives and financial circumstances. These risks and uncertainties are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business. If any of the events or developments were to occur, our business, results of operations, financial condition and prospects could suffer materially, the trading price of our common shares could decline and you could lose all or part of your investment.

**[**Table of Contents**](#toc)** 

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus and the documents incorporated by reference in this prospectus contain statements that constitute ‎forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the ‎Securities Act of 1933, as amended (the "Securities Act"). All statements other than statements of historical facts, ‎‎including statements regarding our future catalysts, results of operations and financial position, business and commercial ‎strategy, market opportunities, products and product candidates, research pipeline, ongoing and planned ‎preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, projected revenues and expenses and ‎the timing of revenues and expenses, timing and likelihood of success, as well as plans and objectives of ‎management for future operations are forward-looking statements. Many of the forward-looking statements ‎contained in this prospectus can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate," "will" and "potential," among others.

Forward-looking statements are based on our management's beliefs and assumptions and on information available ‎to our management at the time such statements are made. Such statements are subject to known and unknown risks and uncertainties, *‎*and actual results may differ materially from those expressed or implied in the forward-looking statements due to *‎*various factors, including, but not limited to: the substantial net losses that we have incurred since our inception, our expectation to continue to incur losses for the foreseeable future and our need to raise additional capital to fund our operations and execute our business plan; our ability to raise additional capital to fund our operations and execute our business plan, which will depend on financial, economic and market conditions, the number of authorized shares, and other factors, over which we may have no or limited control; our indebtedness under the loan agreement and guaranty (the "Loan Agreement") with certain affiliates and/or funds managed by each of Oaktree Capital Management, L.P. and Owl Rock Capital Advisors LLC, as lenders, and Blue Owl Opportunistic Master Fund I, L.P., as administrative agent, and the associated restrictive covenants thereunder; the purchase and sale agreement with certain entities managed by HealthCare Royalty Management, LLC and its negative effect on the amount of cash that we are able to generate from sales of, and licensing agreements involving, ZYNLONTA and on our attractiveness as an acquisition target; the success of our strategic restructuring plan; changes in estimated costs associated with our restructuring plan including the workforce reduction and planned closure of our UK facility; the expected cash runway into 2028 which assumes use of minimum liquidity amount required to be maintained under our loan agreement covenants; our ability to complete clinical trials on expected timelines, if at all; the timing, outcome and results of ongoing or planned clinical trials and the sufficiency of such results; undesirable side effects or adverse events of our products and product candidates; our and our partners' ability to obtain and maintain regulatory approval for our product and product candidates; our and our partners' ability to successfully commercialize our products; the availability and scope of coverage and reimbursement for our products; the complexity and difficulty of manufacturing our products and product candidates; the substantial competition in our industry, including new technologies and therapies; our ability to enter into collaborative or partnership arrangements for our early research programs, and the timing, results and future clinical outcomes of early research programs that we pursue; our reliance on third parties for preclinical studies and clinical trials and for the manufacture, production, storage and distribution of our products and product candidates and certain commercialization activities for our products; our ability to obtain, maintain and protect our intellectual property rights and our ability to operate our business without infringing on the intellectual property rights of others; our estimates regarding future revenue, expenses, liquidity, capital resources and needs for additional financing; the size and growth potential of the markets for our products and product candidates; potential product liability lawsuits and product recalls for our products; and those identified ‎in the "Risk Factors" section of this prospectus and the documents incorporated by reference in this prospectus.

**[**Table of Contents**](#toc)** 

Because forward-looking statements are inherently subject to risks and ‎uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you ‎should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an ‎evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for ‎management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to ‎publicly update or revise any forward-looking statements, whether as a result of any new information, future ‎events, changed circumstances or otherwise. You should read this prospectus, the documents incorporated by ‎reference in this prospectus and the documents that we have filed as exhibits to the registration statement of which ‎this prospectus is a part completely and with the understanding that our actual future results may be materially ‎different from what we expect.‎

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant ‎subject. These statements are based upon information available to us as of the date of such statements, and while ‎we believe such information forms a reasonable basis for such statements, such information may be limited or ‎incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, ‎or review of, all potentially available relevant information. These statements are inherently uncertain and investors ‎are cautioned not to unduly rely upon these statements.‎

**[**Table of Contents**](#toc)** 

**USE OF PROCEEDS**

We will not receive any of the proceeds from the sale of any common shares by the selling shareholders pursuant to this prospectus. If any common shares are sold, the selling shareholders will pay any brokerage commissions and/or similar charges incurred for the sale of such shares. We will bear all other costs, fees and expenses incurred in effecting the registration of common shares covered by this prospectus, including all registration and filing fees and fees and expenses of our counsel and accountants.

If the pre-funded warrants are exercised in cash, we may receive up to an aggregate of CHF 1,258,741.36 from such exercise, which will be used for working capital and general corporate purposes.

**[**Table of Contents**](#toc)** 

**DIVIDEND POLICY**

We have never declared or paid cash dividends on our share capital. We intend to retain all available funds and any future earnings, if any, to fund the development and expansion of our business and we do not anticipate paying any cash dividends in the foreseeable future. In addition, agreements governing our indebtedness, including the Loan Agreement, limit our ability to pay dividends. Any future determination related to dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.

Under Swiss law, any dividend must be approved by our shareholders. In addition, our auditors must confirm that the dividend proposal of our board of directors to the shareholders conforms to Swiss statutory law and our articles of association. A Swiss corporation may pay dividends only if it has sufficient distributable profits from the previous or current business year (*bénéfice résultant du bilan*) or brought forward from previous business years (*report des bénéfices*) or if it has distributable reserves (*réserves à libre disposition*), each as evidenced by its audited stand-alone statutory balance sheet prepared pursuant to Swiss law and after allocations to reserves required by Swiss law and its articles of association have been deducted. Distributable reserves are generally booked either as free reserves (*réserves libres*) or as reserves from capital contributions (*apports de capital*). Distributions out of share capital, which is the aggregate par value of a corporation's issued shares, may be made only by way of a share capital reduction. See "Description of Share Capital and Articles of Association."

**[**Table of Contents**](#toc)** 

**DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION**

**The Company**

We are a Swiss stock corporation (*société anonyme*) organized under the laws of Switzerland. We were incorporated ‎as a Swiss limited liability company (*société à responsabilité limitée*) on June 6, 2011 with our registered office and ‎domicile in Epalinges, Canton of Vaud, Switzerland. We converted to a Swiss stock corporation under the laws of ‎Switzerland on October 13, 2015. Our domicile is in Epalinges, Canton of Vaud, Switzerland. Our registered office ‎and head office is currently located at Biopôle, Route de la Corniche 3B, 1066 Epalinges, Switzerland.‎

**Articles of Association**

***Ordinary Capital Increase, Capital Range and Conditional Share Capital***

Under Swiss law, we may increase our share capital (*capital-actions*) with a resolution of the general meeting of ‎shareholders (ordinary capital increase) that must be carried out by the board of directors within six months of ‎the respective general meeting in order to become effective. Under our articles of association and Swiss law, in the ‎case of subscription and increase against payment of contributions in cash, a resolution passed by a ‎majority of the shares represented at the general meeting of shareholders is required. In the case of subscription and ‎increase against contributions in kind or to fund acquisitions in kind, when shareholders' statutory pre-emptive ‎subscription rights or advance subscription rights are limited or withdrawn or where transformation of freely ‎disposable equity into share capital is involved, a resolution passed by two-thirds of the shares represented at a ‎general meeting of shareholders and the majority of the par value of the shares represented is required.‎

Under the Swiss Code of Obligations (*Code des obligations*) (the "CO"), our shareholders, by a ‎resolution passed by two-thirds of the shares represented at a general meeting of shareholders and the ‎majority of the par value of the shares represented, can:

&nbsp;&nbsp;&nbsp;&nbsp;· adopt conditional share capital (*capital-actions conditionnel*) in the
aggregate amount of up to 50% of the share capital for the purpose of issuing shares in connection ‎with, among other things, option
and conversion rights granted to shareholders, the creditors of bonds and similar debt instruments, employees, members ‎of the board
of directors of the Company or of any group company, or to any third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;· in the form of capital range (*marge de fluctuation du capital*), empower
our board of directors to increase and/or decrease our share capital by up to 50% of the share capital, by issuing or canceling shares,
or by increasing or decreasing the par value of shares, including through the creation of conditional share capital; such capital range
is to be utilized by the board of directors within a period ‎determined by the shareholders but not exceeding five years from the
date of the shareholder approval.‎

***Pre-Emptive and Advance Subscription Rights***

Pursuant to the CO, shareholders have pre-emptive subscription rights (*droits de souscription préférentiels*) to ‎subscribe for new issuances of shares. With respect to conditional capital, shareholders have (i) pre-emptive subscription rights for the subscription of option rights and (ii) advance subscription rights ‎‎(*droit de souscription préalable*) for the subscription of bonds and similar debt ‎instruments to which option or conversion rights are attached.‎

A resolution passed at a general meeting of shareholders by two-thirds of the shares represented and the ‎majority of the par value of the shares represented may authorize our board of directors to withdraw or limit pre-‎emptive subscription rights or advance subscription rights in certain circumstances.‎

If pre-emptive subscription rights are granted, but not exercised, the board of directors may allocate the unexercised ‎pre-emptive subscription rights at its discretion.‎

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***Our Capital Range***

Under our articles of association, we have a capital range ranging from CHF 8,144,884.08 (lower limit) to CHF 12,123,038.40 (upper limit). Our board of directors is authorized within the capital range to increase or decrease our share capital once or several times and in any amounts and to acquire or dispose of shares, directly or indirectly, until November 11, 2029, or until an earlier expiry of the capital range. The capital increase or reduction may be effected by issuing fully paid-in registered shares with a par value of CHF 0.08 each and cancelling registered shares with a par value of CHF 0.08 each, as applicable, or by increasing or reducing the par value of the existing shares within the limits of the capital range or by simultaneous reduction and re-increase of the share capital. If our share capital increases as a result of a share issue from conditional capital (see next subsection), the upper and lower limits of the capital range will increase in an amount corresponding to such increase.

In the event of a capital increase within the capital range, the board of directors has to determine the type of ‎contributions, the issue price and the date on which the dividend entitlement starts.‎ In the event of a capital reduction within the capital range, the board of directors has to determine the use of the reduction amount, to the extent necessary.

In a capital increase within the capital range, the board of directors is authorized by our articles of association to ‎withdraw or to limit the pre-emptive subscription rights of shareholders, and to allocate them to third parties or to us, ‎in the event that the newly issued shares are issued under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;· if the issue price of the new registered shares is determined by reference
to the market price;‎

&nbsp;&nbsp;&nbsp;&nbsp;· for raising of equity capital (including private placements) in a fast and
flexible manner, which would not be ‎possible, or might only be possible with great difficulty or delays or at significantly less
favorable ‎conditions, without the exclusion of the statutory pre-emptive subscription rights of the existing ‎shareholders;‎

&nbsp;&nbsp;&nbsp;&nbsp;· for the acquisition of an enterprise, parts of an enterprise or participations,
for the acquisition of products, ‎intellectual property or licenses by or for investment projects of the Company or any of its group
‎companies, or for the financing or refinancing of any of such transactions through a placement of shares;‎

&nbsp;&nbsp;&nbsp;&nbsp;· for purposes of broadening the shareholder constituency of the Company in
certain geographic, financial ‎or investor markets, for purposes of the participation of strategic partners, including financial investors,
or in connection with the listing ‎of new shares on domestic or foreign stock exchanges;‎

&nbsp;&nbsp;&nbsp;&nbsp;· for purposes of granting an over-allotment option or an option to purchase
additional shares in a ‎placement or sale of shares to the respective initial purchaser(s) or underwriter(s);‎

&nbsp;&nbsp;&nbsp;&nbsp;· for the participation of members of the board of directors, members of the
executive committee, ‎employees, contractors, consultants or other persons performing services for the benefit of the Company ‎or
any of its group companies;‎

&nbsp;&nbsp;&nbsp;&nbsp;· following a shareholder or a group of shareholders acting in concert having
accumulated shareholdings in ‎excess of 20% of our share capital registered in the Commercial Register without having submitted to
all ‎other shareholders a takeover offer recommended by the board of directors;  ***‎*** 

&nbsp;&nbsp;&nbsp;&nbsp;· for the defense of an actual, threatened or potential takeover bid, that the
board of directors, upon ‎consultation with an independent financial adviser retained by it, has not recommended to the ‎shareholders
acceptance on the basis that the board of directors has not found the takeover bid to be ‎financially fair to the shareholders or
not to be in the Company's interest; or

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&nbsp;&nbsp;&nbsp;&nbsp;· for other valid grounds in the sense of Article 652b para. 2 of the CO.‎

This authorization to withdraw or to limit the pre-emptive subscription of shareholders is exclusively linked to our capital range. If the capital range lapses for any reasons, such as if an ordinary capital increase is completed, the authorization to withdraw or to limit the pre-emptive subscription rights lapses ‎simultaneously with the capital range.‎

We have agreed not to use the foregoing authorization to ‎withdraw or to limit the pre-emptive subscription rights of shareholders, and to allocate them to third parties or to us, in certain circumstances. Specifically, we will not restrict the preemptive rights of Redmile Group, LLC ("Redmile") or its affiliates based on Article 4a(4)(g) of the articles of association or restrict the advance subscription rights of Redmile or its affiliates based on Article 4c(3) of the articles of association as long as (i) Redmile (including its affiliates and any other person or entity forming a "group" (as defined in Rule 13d-5 under the Exchange Act)) does not directly or indirectly control, own or have the right to control or own, collectively, shares representing more than 20% of the Company's share capital or (ii) Redmile (including its affiliates and any other person or entity forming a "group" (as defined in Rule 13d-5 under the Exchange Act)) directly or indirectly controls, owns or has the right to control or own, collectively, shares representing more than 20% of the Company's share capital but the board of directors determines that Redmile does not have an intent to effect a change of control of the Company.

***Our Conditional Share Capital***

*Conditional Share Capital for Warrants and Convertible Bonds*

Our nominal share capital may be increased, including to prevent takeovers and changes in control, by a maximum ‎aggregate amount of CHF 3,042,154.32 through the issuance of not more than 38,026,929 common shares, which ‎would have to be fully paid-in, each with a par value of CHF 0.08 per share, by the exercise of option and ‎conversion rights granted in connection with warrants, convertible bonds or similar instruments of the Company or ‎one of our subsidiaries. Shareholders will not have pre-emptive subscription rights in such circumstances, but will ‎have advance subscription rights to subscribe for such warrants, convertible bonds or similar instruments. The ‎holders of warrants, convertible bonds or similar instruments are entitled to the new shares upon the occurrence of ‎the applicable conversion feature.‎

When issuing convertible bonds, warrants or similar instruments, the board of directors is authorized to withdraw or ‎to limit the advance subscription right of shareholders:‎

&nbsp;&nbsp;&nbsp;&nbsp;· for the purpose of financing or refinancing, or the payment for, the acquisition
of enterprises, parts of ‎enterprises, participations, intellectual property rights, licenses or investments;‎

&nbsp;&nbsp;&nbsp;&nbsp;· if the issuance occurs in domestic or international capital markets, including
private placements;‎

&nbsp;&nbsp;&nbsp;&nbsp;· following a shareholder or a group of shareholders acting in concert having
accumulated shareholdings in ‎excess of 20% of the share capital registered in the Commercial Register without having submitted to
all ‎other shareholders a takeover offer recommended by the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;· for the defense of an actual, threatened or potential takeover bid that the
board of directors, upon ‎consultation with an independent financial adviser retained by it, has not recommended to the ‎shareholders
to accept on the basis that the board of directors has not found the takeover bid to be ‎financially fair to the shareholders or not
to be in the Company's interest; or

&nbsp;&nbsp;&nbsp;&nbsp;· if the convertible bonds, warrants or similar instruments are issued on appropriate
terms.‎

To the extent that the advance subscription rights are withdrawn or limited, (i) the term to exercise the convertible bonds, warrants or ‎similar instruments may not exceed fifteen years from the date of issue of the respective instrument and (ii) the conversion, exchange or exercise price of ‎the convertible bonds, warrants or similar instruments has to be set with reference to or be subject to change based ‎upon the valuation of the Company's equity or market conditions.‎

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*Conditional Share Capital for Equity Incentive Plans*

***Uncertificated Securities***

Our shares are in the form of uncertificated securities (*droits-valeurs*, within the meaning of Article 973c of the CO). ‎In accordance with Article 973c of the CO, we maintain a non-public register of uncertificated securities ‎‎(*registre des droits-valeurs*). We may at any time convert uncertificated securities into share certificates (including ‎global certificates), one kind of certificate into another, or share certificates (including global certificates) into ‎uncertificated securities. Following entry in the share register, a shareholder may at any time request from us a ‎written confirmation in respect of his or her shares. Shareholders are not entitled, however, to request the conversion ‎and/or printing and delivery of share certificates. We may print and deliver certificates for shares at any time.‎

***General Meeting of Shareholders***

*Ordinary/Extraordinary Meetings, Powers*

The general meeting of shareholders is our supreme corporate body. Under Swiss law, an annual general meeting of ‎shareholders must be held annually within six months after the end of a corporation's financial year. In our case, ‎this generally means on or before June 30. In addition, extraordinary general meetings of shareholders may be held.‎

A general meeting of shareholders may take place in or outside Switzerland and at different places simultaneously if the votes of the participants are immediately transmitted to all meeting venues (multilocal shareholders' meeting). The board of directors may allow shareholders that are not present at the meeting venue of the general meeting of shareholders to participate and exercise their rights electronically ("hybrid shareholder meeting"). Our articles of association also allow for general meetings of shareholders without a physical meeting venue but that takes place using electronic means ("virtual shareholder meeting").

According to our articles of association, the following powers are vested exclusively in the general meeting of shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;· adopting and amending the articles of association, including the change of
a company's purpose or domicile;

&nbsp;&nbsp;&nbsp;&nbsp;· electing the members of the board of directors, the chairperson of the board
of directors, the members of the compensation committee, the auditors and the independent proxy;

&nbsp;&nbsp;&nbsp;&nbsp;· approving the business report, the annual statutory and consolidated financial
statements, and deciding on the allocation of profits as shown on the balance sheet, in particular with regard to dividends;

&nbsp;&nbsp;&nbsp;&nbsp;· determining the interim dividend and approving the requisite interim financial
statements;

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&nbsp;&nbsp;&nbsp;&nbsp;· resolving on the repayment of the statutory capital reserve (*réserve légale issue du capital*);

&nbsp;&nbsp;&nbsp;&nbsp;· approving the aggregate amount of compensation of members of the board of
directors and the executive committee;

&nbsp;&nbsp;&nbsp;&nbsp;· discharging the members of the board of directors and the executive committee
from liability with respect to their conduct of business;

&nbsp;&nbsp;&nbsp;&nbsp;· resolving on the delisting of the company's equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;· approving the report on non-financial matters (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;· dissolving a company with or without liquidation; and

&nbsp;&nbsp;&nbsp;&nbsp;· deciding matters reserved to the general meeting of shareholders by law or
the articles of association or submitted to it by the board of directors.

An extraordinary general meeting of shareholders may be called by a resolution of the board of directors or the ‎general meeting of shareholders or, under certain circumstances, by a company's auditors, liquidator or the ‎representatives of bondholders, if any. In addition, our articles of association require the board of directors to convene an extraordinary ‎general meeting of shareholders if shareholders representing at least 5% of our share capital or voting rights request such general ‎meeting of shareholders in writing. A request for an extraordinary general meeting of shareholders must set forth the items to be discussed and the proposals to be ‎acted upon. Further, the board of directors must convene an extraordinary general meeting of shareholders and propose ‎financial restructuring measures if, based on our stand-alone annual statutory balance sheet, half of our share ‎capital and statutory reserves are not covered by our assets and a contemplated restructuring measure falls within the competence of the general meeting of shareholders.‎

*Voting and Quorum Requirements*

Shareholder resolutions and elections (including elections of members of the board of directors) require the ‎affirmative vote of the majority of shares represented at the general meeting of shareholders, unless ‎otherwise stipulated by law or our articles of association.‎

Under our articles of association, a resolution of the general meeting of shareholders passed by ‎two-thirds of the votes and the majority of the par value of the shares, each as ‎represented at the meeting, is required for:‎

&nbsp;&nbsp;&nbsp;&nbsp;· amending the Company's corporate purpose;

&nbsp;&nbsp;&nbsp;&nbsp;· creating shares with preference rights;

&nbsp;&nbsp;&nbsp;&nbsp;· cancelling or amending the transfer restrictions of shares;

&nbsp;&nbsp;&nbsp;&nbsp;· creating conditional share capital or a capital range;

&nbsp;&nbsp;&nbsp;&nbsp;· increasing share capital out of equity, against contributions in-kind, by
set-off against a claim or granting of specific benefits;

&nbsp;&nbsp;&nbsp;&nbsp;· limiting or withdrawing shareholder's pre-emptive subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;· changing the currency of the share capital;

&nbsp;&nbsp;&nbsp;&nbsp;· introducing a casting vote of the chairperson at the general meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· changing the Company's domicile;

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&nbsp;&nbsp;&nbsp;&nbsp;· delisting the company's equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;· introducing an arbitration clause in the articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;· resolving on the consolidation of shares (reverse split);

&nbsp;&nbsp;&nbsp;&nbsp;· amending or repealing the voting and recording restrictions, the provision
setting a maximum board size, the indemnification provision for the board of directors and the executive committee or the forum selection
clause set forth in our articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;· converting registered shares into bearer shares;

&nbsp;&nbsp;&nbsp;&nbsp;· removing the chairperson or any member of the board of directors before the
end of his or her term of office; and

&nbsp;&nbsp;&nbsp;&nbsp;· dissolving or liquidating the Company.

The same voting requirements apply to resolutions regarding transactions among corporations based on Switzerland's Federal Act on Mergers, Demergers, Transformations and the Transfer of Assets of 2003, as amended (the "Swiss Merger Act"). See "—Articles of Association—Compulsory Acquisitions; Appraisal Rights."

In accordance with Swiss law and generally accepted business practices, our articles of association do not provide for quorum requirements generally applicable to general meetings of shareholders. To this extent, our practice varies from NYSE listing standards, which require an issuer to provide in its bylaws for a generally applicable quorum and that such quorum may not be less than one-third of the outstanding voting shares.

*Notice*

General meetings of shareholders must be convened by the board of directors at least 20 days before the date of ‎the meeting. The general meeting of shareholders is convened by way of a notice appearing in our official ‎publication medium, currently the Swiss Official Gazette of Commerce, or by including the notice in the proxy statement. Registered shareholders may also be ‎informed in a form that allows proof by text. The notice of a general meeting of shareholders must state the date, the starting and end time, the form and location of the meeting, the items on the ‎agenda, the motions of the board of directors or of any shareholders including a short explanation, as well as the name and address of the independent representative. A ‎resolution on a matter which is not on the agenda may not be passed at a general meeting of shareholders, except ‎for motions to convene an extraordinary general meeting of shareholders or to initiate a special investigation, on ‎which the general meeting of shareholders may vote at any time. No previous notification is required for motions ‎concerning items included in the agenda or for debates that do not result in a vote.‎

All owners or representatives of our shares may, if no objection is raised, hold a general meeting of shareholders without complying with the formal requirements for convening general meetings of shareholders (a universal meeting). This universal meeting of shareholders may discuss and pass binding resolutions on all matters within the purview of the general meeting of shareholders, provided that the owners or representatives of all the shares are present at the meeting.

*Agenda Requests*

Pursuant to our articles of association, one or more shareholders whose combined shareholdings ‎represent at least 0.5% of the share capital or the voting rights ‎may request that an item be included in the agenda for a general meeting of shareholders or that a proposal relating to an agenda item be included in the notice convening the general meeting of shareholders.

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To be timely, the ‎shareholder's request must be received by us generally at least 90 calendar days in advance of the meeting. The ‎request must be made in writing and contain, for each of the agenda items, the following information:‎

&nbsp;&nbsp;&nbsp;&nbsp;· a brief description of the business desired to be brought before the general
meeting of shareholders and the reasons for conducting such business at the general meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the motions regarding the agenda item;

&nbsp;&nbsp;&nbsp;&nbsp;· the name and address, as they appear in the share register, of the shareholder
proposing such business;

&nbsp;&nbsp;&nbsp;&nbsp;· the number of shares which are beneficially owned by such shareholder (including
documentary support of such beneficial ownership);

&nbsp;&nbsp;&nbsp;&nbsp;· the dates upon which the shareholder acquired such shares;

&nbsp;&nbsp;&nbsp;&nbsp;· any material interest of the proposing shareholder in the proposed business;

&nbsp;&nbsp;&nbsp;&nbsp;· a statement in support of the matter; and

&nbsp;&nbsp;&nbsp;&nbsp;· all other information required under the applicable laws and stock exchange
rules.

In addition, if the shareholder intends to solicit proxies from the shareholders of a company, such shareholder shall notify the company of this intent in accordance with applicable SEC rules.

Our business report, the compensation report and the auditor's report must be published or otherwise made accessible to our ‎shareholders no later than 20 days prior to the general meeting of shareholders. Shareholders ‎of record may be notified of this in writing.

*Minutes*

We are required to make available the resolutions and election results of our general meeting of shareholders electronically within 15 calendar days after the meeting. In addition, each shareholder may request that the minutes be made available to him/her within 30 calendar days after the meeting.

***Voting Rights***

Each of our common shares entitles a holder to one vote. The common shares are not divisible. The right to vote and the other rights of share ownership may only be exercised by shareholders (including any nominees) or usufructuaries who are entered in the share register at a cut-off date determined by the board of directors. Those entitled to vote in the general meeting of shareholders may be represented by the independent proxy holder (annually elected by the general meeting of shareholders), by its legal representative or by any other person with written authorization to act as proxy. The chairperson has the power to decide whether to recognize a power of attorney.

Our articles of association contain provisions that prevent investors from acquiring voting rights exceeding 15% of our issued share capital. Specifically, if an individual or legal entity acquires common shares and, as a result, directly or indirectly, has voting rights with respect to more than 15% of the registered share capital recorded in the Commercial Register, the registered shares exceeding the limit of 15% shall be entered in the share register as shares without voting rights (*limitation à l'inscription*). This restriction applies equally to parties acting in concert and to shares held or acquired via a nominee, including via Cede & Co., New York (or any successor), as the nominee of The Depository Trust Company ("DTC"), New York, acting in its capacity as clearing nominee. Specifically, if shares are being held by a nominee for third-party beneficiaries, which control (alone or together with third parties) voting rights with respect to more than 15% of the share capital recorded in the Commercial Register, our articles of association provide that the board of directors may cancel the registration of the shares with voting rights held by such nominee in excess of the limit of 15%. Furthermore, our articles of association contain provisions that allow the board of directors to make the registration with voting rights of shares held by a nominee subject to conditions, limitations and reporting requirements or to impose or adjust such conditions, limitations and requirements once registered. However, any shareholders who held more than 15% prior to our initial public offering remain registered with voting rights for such shares. Furthermore, the board of directors may in special cases approve exceptions to these restrictions.

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***Dividends and Other Distributions***

Our board of directors may propose to shareholders that a dividend or interim dividend or other distribution be paid but cannot itself ‎authorize the distribution. Dividend and interim dividend payments require a resolution passed by a majority of the shares ‎represented at a general meeting of shareholders. In addition, our auditors must confirm that the dividend proposal ‎of our board of directors conforms to Swiss statutory law and our articles of association.‎

Under Swiss law, we may pay dividends only if we have sufficient distributable profits from the previous or current business ‎year (*bénéfice résultant du bilan*) or brought forward from the previous business years (*report des bénéfices*), or if we ‎have distributable capital reserves (*réserve légale issue du capital*), each as evidenced by audited stand-alone ‎statutory annual or interim financial statements prepared pursuant to Swiss law, and after allocations to reserves required by Swiss law and ‎by the articles of association have been deducted.

Under the CO, at least 5% of our annual profit must be retained as statutory profit reserve (*réserve légale*). If there is a loss carried forward, such loss must be eliminated before allocation to the statutory profit reserve. The statutory profit reserve shall be accumulated until it reaches, together with the statutory capital reserve, 50% of our share capital recorded in the Commercial Register. In addition, we have to allocate, among other things, the net proceeds of share issuances to the statutory capital reserve. The CO permits us to accrue ‎additional reserves. Further, a purchase of our own shares (whether by us or a subsidiary) reduces the distributable reserves in an amount corresponding to the purchase price of such own shares. Finally, the CO under ‎certain circumstances requires the creation of revaluation reserves which are not distributable.‎

Distributions out of issued share capital (i.e., the aggregate par value of our issued shares) are not allowed and may ‎be made only by way of an ordinary capital reduction or within a capital range that (also) allows for a capital reduction (see "Description of Share Capital and Articles of Association—Articles of Association—Ordinary Capital Increase, Capital Range and Conditional Share Capital"). An ordinary capital reduction requires a resolution passed by a‎ majority of the shares represented at a general meeting of shareholders. The board of directors must publish a call to creditors in the Swiss Official Gazette of Commerce in which creditors are advised that they may request, subject to certain conditions, security for their claims within ‎30 days of the publication of the creditor call. A licensed audit expert must then confirm, based on the results of the call to creditors, that the claims of the creditors remain fully ‎covered despite the reduction in our share capital recorded in the Commercial Register. If all requirements for an ordinary capital reduction have been met, the board of directors has to amend the articles of association in a public deed. Our share capital may be ‎reduced to a level below CHF 100,000 only if and to the extent that at the same time the statutory minimum share capital of ‎CHF 100,000 is reestablished by sufficient new fully paid-up capital. An ordinary capital reduction must be completed within six months after the resolution of the general meeting of shareholders.‎

Our board of directors determines the date on which the dividend entitlement starts. Dividends are usually due and ‎payable shortly after the shareholders have passed the resolution approving the payment, but shareholders may ‎also resolve at the annual general meeting of shareholders to pay dividends in quarterly or other installments.‎

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***Transfer of Shares***

Shares in uncertificated form (*droits-valeurs*) may only be transferred by way of assignment. Shares or the beneficial interest in shares, as applicable, credited in a securities account may only be transferred when a credit of the relevant intermediated securities to the acquirer's securities account is made in accordance with applicable rules. Our articles of association provide that in the case of securities held with an intermediary such as a registrar, transfer agent, trust corporation, bank or similar entity, any transfer, grant of a security interest or usufructuary right in such intermediated securities and the appurtenant rights associated therewith requires the cooperation of the intermediary in order for such transfer, grant of a security interest or usufructuary right to be valid against us.

Voting rights may be exercised only after a shareholder has been entered in the share register (*registre des actions*) with his or her name and address (in the case of legal entities, the registered office) as a shareholder with voting rights. For a discussion of the restrictions applicable to the control and exercise of voting rights, see "Description of Share Capital and Articles of Association—Articles of Association—Voting Rights."

***Inspection of Books and Records***

Under the CO, a shareholder has a right to inspect the share register with respect to his or her own shares and ‎otherwise to the extent necessary to exercise his or her shareholder rights. No other person has a right to inspect the ‎share register. Shareholders holding in the aggregate at least 5% of our nominal share capital or of our voting rights have the right to inspect our books and correspondence, subject to the safeguarding of our business secrets and other legitimate interests. Our board of directors is required to decide on an inspection request within four months after receipt of such request. Denial of the request will need to be justified in writing. If an inspection request is denied by the board of directors, shareholders may request the order of an inspection by the court within 30 days. See "Comparison of Swiss Law and Delaware Law—Inspection of books and ‎records."‎

***Special Investigation***

If a shareholder has exercised its information or inspection rights, ‎such shareholder may propose to the general meeting of shareholders that specific facts be examined by a special ‎examiner in a special investigation. If the general meeting of shareholders approves the proposal, we or any ‎shareholder may, within 30 calendar days after the general meeting of shareholders, request a court at our registered ‎office (currently Epalinges, Canton of Vaud, Switzerland) to appoint a special examiner. If the general meeting of ‎shareholders rejects the request, one or more shareholders representing at least 5% of our share capital or voting rights may request that the court appoint a special ‎examiner. The court will issue such an order if the petitioners can demonstrate that ‎members of the board of directors or our executive committee infringed the law or our articles of association and that such violation is suitable to cause a damage to the Company or the shareholders. The costs of the investigation would generally be ‎allocated to us and only in exceptional cases to the petitioners.‎

***Compulsory Acquisitions; Appraisal Rights***

Business combinations and other transactions that are governed by the Swiss Merger Act (i.e., mergers, demergers, ‎transformations and certain asset transfers) are binding on all shareholders. A statutory merger or demerger requires ‎approval of two-thirds of the shares represented at a general meeting of shareholders and the majority of ‎the par value of the shares represented.‎

If a transaction under the Swiss Merger Act receives all of the necessary consents, all shareholders are compelled to participate in such transaction.

Swiss corporations may be acquired by an acquirer through the direct acquisition of the shares of the Swiss corporation. The Swiss Merger Act provides for the possibility of a so-called "cash-out" or "squeeze-out" merger with the approval of holders of 90% of the issued shares. In these limited circumstances, minority shareholders of the corporation being acquired may be compensated in a form other than through shares of the acquiring corporation (for instance, through cash or securities of a parent corporation of the acquiring corporation or of another corporation). For business combinations effected in the form of a statutory merger or demerger and subject to Swiss law, the Swiss Merger Act provides that if equity rights have not been adequately preserved or compensation payments in the transaction are unreasonable, a shareholder may request the competent court to determine a reasonable amount of compensation.

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In addition, under Swiss law, the sale of "all or substantially all of our assets" by us may require the approval of ‎two-thirds of the number of shares represented at a general meeting of shareholders and the majority of ‎the par value of the shares represented. Whether a shareholder resolution is required depends on the particular ‎transaction, including whether the following test is satisfied:‎

&nbsp;&nbsp;&nbsp;&nbsp;· a core part of our business is sold without which it is economically impracticable
or unreasonable to continue to operate the remaining business;

&nbsp;&nbsp;&nbsp;&nbsp;· our assets, after the divestment, are not invested in accordance with our
corporate purpose as set forth in the articles of association; and

&nbsp;&nbsp;&nbsp;&nbsp;· the proceeds of the divestment are not earmarked for reinvestment in accordance
with our corporate purpose but, instead, are intended for distribution to our shareholders or for financial investments unrelated to our
corporate purpose.

A shareholder of a Swiss corporation participating in certain major corporate transactions may, under certain circumstances, be entitled to appraisal rights. As a result, such shareholder may, in addition to the consideration (be it in shares or in cash) receive an additional amount to ensure that the shareholder receives the fair value of the shares held by the shareholder. Following a statutory merger or demerger, pursuant to the Swiss Merger Act, shareholders can file an appraisal action against the surviving company. If the consideration is deemed inadequate, the court will determine an adequate compensation payment.

***Board of Directors***

Our articles of association provide that the board of directors shall consist of at least three and not more than nine ‎members.‎

The members of the board of directors and the chairperson are elected annually by the general meeting of shareholders for a period until the completion of the subsequent annual general meeting of shareholders and are eligible for re-election. Each member of the board of directors must be elected individually.

*Powers*

According to our articles of association, the board of directors has the following non-delegable and inalienable powers and duties:‎

&nbsp;&nbsp;&nbsp;&nbsp;· the ultimate direction of the business of the Company and issuing of the relevant
directives;‎

&nbsp;&nbsp;&nbsp;&nbsp;· laying down the organization of the Company;‎

&nbsp;&nbsp;&nbsp;&nbsp;· formulating accounting procedures, financial controls and financial planning;‎

&nbsp;&nbsp;&nbsp;&nbsp;· nominating and removing persons entrusted with the management and representation
of the Company ‎and regulating the power to sign for the Company;‎

&nbsp;&nbsp;&nbsp;&nbsp;· the ultimate supervision of those persons entrusted with management of the
Company, with particular ‎regard to adherence to law, our articles of association, and regulations and directives of the Company;‎

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&nbsp;&nbsp;&nbsp;&nbsp;· preparing the annual report, the compensation report and, if applicable, the
report on non-financial matters and other reports as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;· preparing for the general meeting of ‎shareholders and carrying out its
resolutions; and

&nbsp;&nbsp;&nbsp;&nbsp;· submitting a petition for debt-restructuring moratorium and informing the
court in case of over-indebtedness.‎

The board of directors may, while retaining such non-delegable and inalienable powers and duties, delegate some of ‎its powers, in particular direct management, to a single or to several of its members, committees or to third parties ‎‎(such as executive officers) who need be neither members of the board of directors nor shareholders. Pursuant to ‎Swiss law and our articles of association, details of the delegation and other procedural rules such as quorum ‎requirements have been set in the organizational rules established by the board of directors.‎

*Indemnification of Executive Officers and Directors*

Subject to Swiss law, our articles of association provide for indemnification of the existing and former members of the board of directors and the executive committee and their heirs, executors and administrators, against liabilities arising in connection with the performance of their duties in such capacity, and permits us to advance the expenses of defending any act, suit or proceeding to our directors and executive officers to the extent not included in insurance coverage or advanced by third parties.

In addition, under general principles of Swiss employment law, an employer may be required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of his or her duties under the employment agreement with the employer. See "Comparison of Swiss Law and Delaware Law—Indemnification of directors and executive officers and limitation of liability."

We have entered into indemnification agreements with each of the members of our board of directors and executive officers.

*Conflicts of Interest, Management Transactions* 

The members of the board of directors and the executive committee are required to immediately and fully inform the board of directors about conflicts of interests concerning them. The board of directors is furthermore required to take measures in order to protect the interests of the company. More generally, the CO requires our directors and executive officers to safeguard the Company's interests and imposes a duty of ‎loyalty and duty of care on our directors and executive officers. This rule is generally understood to disqualify ‎directors and executive officers from participation in decisions that directly affect them. Our directors and ‎executive officers are personally liable to us for breaches of these obligations. In addition, Swiss law contains ‎provisions under which directors and all persons engaged in the Company's management are liable to the ‎Company, each shareholder and the Company's creditors for damages caused by an intentional or negligent ‎violation of their duties. Furthermore, Swiss law contains a provision under which payments made to any of the ‎Company's shareholders or directors or any person related to any such shareholder or director, other than payments ‎made at arm's length, must be repaid to the Company if such shareholder or director acted in bad faith.‎

Our board of directors has adopted a Code of Business Conduct and Ethics and other policies that cover a broad ‎range of matters, including the handling of conflicts of interest.‎

*Principles of the Compensation of the Board of Directors and the Executive Committee*

Pursuant to Swiss law, the aggregate amount of compensation of the ‎board of directors and the persons whom the board of directors has, fully or partially, entrusted with the ‎management (which we refer to as our "executive committee") of the Company has to be submitted to our shareholders for approval each year. Our executive committee currently comprises the Chief Executive Officer, the Chief Financial Officer, the Chief Scientific Officer and the Swiss Managing Director.‎

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The board of directors must issue, on an annual basis, a written compensation report that must be reviewed by our ‎auditors. The compensation report must disclose, among other things, all compensation granted by the Company, directly or indirectly, ‎to current members of the board of directors and the executive committee and, to the extent related to their former ‎role within the Company or not on customary market terms, to former members of the board of directors and ‎former executive officers.‎ The disclosure concerning compensation, loans and other forms of indebtedness must include the aggregate amount for the board of directors and the executive committee, respectively, as well as the particular amount for each member of the board of directors and for the highest-paid executive officer, specifying the name and function of each of these persons. If variable compensation is approved prospectively, as is currently the case with the Company, our board of directors must submit the compensation report to a non-binding vote of the general meeting of shareholders.

We are prohibited from granting certain forms of compensation to members of our board of directors and executive committee, such as:

&nbsp;&nbsp;&nbsp;&nbsp;· severance payments (compensation due until the termination of a contractual
relationship does not qualify as severance payment);

&nbsp;&nbsp;&nbsp;&nbsp;· advance compensation;

&nbsp;&nbsp;&nbsp;&nbsp;· incentive fees for the acquisition or transfer of companies, or parts thereof,
by the Company or by companies being, directly or indirectly, controlled by us;

&nbsp;&nbsp;&nbsp;&nbsp;· loans, other forms of indebtedness, pension benefits not based on occupational
pension schemes and performance-based compensation not provided for in the articles of association; and

&nbsp;&nbsp;&nbsp;&nbsp;· equity-based compensation not provided for in the articles of association.

Compensation to members of the board of directors and the executive committee for activities in entities that are, directly or indirectly, controlled by the Company is prohibited if (i) the compensation would be prohibited if it were paid directly by the Company, (ii) the articles of association do not provide for it, or (iii) the compensation has not been approved by the general meeting of shareholders.

Every year, the general meeting of shareholders has to vote on the proposals of the board of directors with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;· the maximum aggregate amount of compensation of the board of directors for
the term of office until the next annual general meeting of shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;· the maximum aggregate amount of fixed compensation of the executive committee
for the following financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;· the maximum aggregate amount of variable compensation of the executive committee
for the current financial year.

The board of directors may submit for approval at the general meeting of shareholders deviating or additional proposals relating to the same or different periods.

If, at the general meeting of shareholders, the shareholders do not approve a compensation proposal of the board of directors, the board of directors must prepare a new proposal, taking into account all relevant factors, and submit the new proposal for approval by the same general meeting of shareholders, at a subsequent extraordinary general meeting of shareholders or the next annual general meeting of shareholders.

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If we appoint new members of the executive committee after the general meeting of shareholders has approved the compensation of the executive committee for the relevant period and such compensation is insufficient to also cover the new members' compensation, our articles of association allow us to pay each new member an amount not exceeding the aggregate amount of (maximum) compensation of the executive committee last approved.

In addition to fixed compensation, members of the board of directors and the executive committee may be paid variable compensation, depending on the achievement of certain performance criteria. The performance criteria may include individual targets, targets of the Company or parts thereof and targets in relation to the market, other companies or comparable benchmarks, taking into account the position and level of responsibility of the recipient of the variable compensation. The board of directors or, where delegated to it, the compensation committee shall determine the relative weight of the performance criteria and the respective target values as well as their achievement.

Compensation may be paid or granted in the form of cash, shares, financial instruments, in kind, or in the form of other types of benefits. The board of directors or, where delegated to it, the compensation committee shall determine grant, vesting, exercise and forfeiture conditions.

***Borrowing Powers***

Neither Swiss law nor our articles of association restricts our power to borrow and raise funds. The decision to borrow funds is made by or under the direction of our board of directors, and no approval by the shareholders is required in relation to any such borrowing.

***Repurchases of Shares and Purchases of Own Shares***

The CO limits our ability to repurchase and hold our own shares. We and our subsidiaries may repurchase shares only to the extent that (i) we have freely distributable reserves in the amount of the purchase price; and (ii) the aggregate par value of all shares held by us does not exceed 10% of our share capital. Pursuant to Swiss law, where shares are acquired in connection with a transfer restriction set out in the articles of association, the foregoing upper limit is 20%. If we own shares that exceed the threshold of 10% of our share capital, the excess must be sold or cancelled by means of a capital reduction within two years.

Shares held by us or our subsidiaries are not entitled to vote at the general meeting of shareholders but are entitled to the economic benefits applicable to the shares generally, including dividends and pre-emptive subscription rights in the case of share capital increases.

In addition, selective share repurchases are only permitted under certain circumstances. Within these limitations, as is customary for Swiss corporations, we may, subject to applicable law, purchase and sell our own shares from time to time in order to meet imbalances of supply and demand, to provide liquidity and to even out variances in the market price of shares.

***Notification and Disclosure of Substantial Share Interests***

The disclosure obligations generally applicable to shareholders of Swiss corporations under the Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading, or the Financial Market Infrastructure Act (the "FMIA"), do not apply to us since our shares are not listed on a Swiss exchange.

***Mandatory Bid Rules***

The obligation of any person or group of persons that acquires more than one-third of a company's voting rights to submit a cash offer for all the outstanding listed equity securities of the relevant company at a minimum price pursuant to the FMIA does not apply to us since our shares are not listed on a Swiss exchange.

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**Nonresident or Foreign Owners**

Other than limitations that apply to all holders of our common shares, there are no limitations on the right of nonresident or foreign owners of our common shares from holdings or voting such common shares imposed by Swiss law or our articles of association.

**Exchange Controls**

Other than sanctions against specific countries, individuals, and organizations, there are no governmental laws, decrees, regulations or other legislation in Switzerland affecting the remittance of dividends, interest and other payments to nonresident holders of our common shares.

**Stock Exchange Listing**

Our common shares are listed on the NYSE under the symbol "ADCT."

**The Depository Trust Company**

Each person owning a beneficial interest in common shares held through DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the shares.

**Transfer Agent and Registrar of Shares**

Our share register is kept by Computershare Trust Company, N.A., which acts as transfer agent and registrar. The share register reflects only record owners of our shares. Swiss law does not recognize fractional share interests.

**Comparison of Swiss Law and Delaware Law**

The Swiss laws applicable to Swiss corporations and their shareholders differ from laws applicable to ‎U.S. corporations and their shareholders. The following table summarizes significant differences in shareholder ‎rights pursuant to the provisions of the CO, by which our Company is governed, and the Delaware General Corporation Law applicable to companies ‎incorporated in Delaware and their shareholders. Please note that this is only a general summary of certain ‎provisions applicable to companies in Delaware. Certain Delaware companies may be permitted to exclude certain ‎of the provisions summarized below in their charter documents.‎

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| &nbsp;&nbsp;**DELAWARE CORPORATE LAW** | &nbsp;&nbsp;**‎ ‎SWISS CORPORATE LAW** |
| &nbsp;&nbsp;***Mergers and similar arrangements*** | &nbsp;&nbsp;***Mergers and similar arrangements*** |
| &nbsp;&nbsp;Under the Delaware General Corporation Law, with ‎certain exceptions, a merger, consolidation, sale, lease or ‎transfer of all or substantially all of the assets of a ‎corporation must be approved by the board of directors ‎and a majority of the outstanding shares entitled to vote ‎thereon. A shareholder of a Delaware corporation ‎participating in certain major corporate transactions may, ‎under certain circumstances, be entitled to appraisal rights ‎pursuant to which such shareholder may receive cash in ‎the amount of the fair value of the shares held by such ‎shareholder (as determined by a court) in lieu of the ‎consideration such shareholder would otherwise receive in ‎the transaction. The Delaware General Corporation Law ‎also provides that a parent corporation, by resolution of ‎its board of directors, may merge with any subsidiary, of ‎which it owns at least 90.0% of each class of capital ‎stock without a vote by the shareholders of such ‎subsidiary. Upon any such merger, dissenting ‎shareholders of the subsidiary would have appraisal ‎rights.‎ | &nbsp;&nbsp;‎Under Swiss law, with certain exceptions, a merger or a ‎demerger of the corporation or a sale of all or ‎substantially all of the assets of a corporation must be ‎approved by two-thirds of the voting rights represented ‎at the respective general meeting of shareholders as ‎well as the majority of the par value of shares ‎represented at such general meeting of shareholders. ‎A shareholder of a Swiss corporation participating in a ‎statutory merger or demerger pursuant to the Swiss ‎Merger Act *(Loi sur la fusion*) can file a lawsuit against ‎the surviving company. If the consideration is deemed ‎‎"inadequate," such shareholder may, in addition to the ‎consideration (be it in shares or in cash) receive an ‎additional amount to ensure that such shareholder ‎receives the fair value of the shares held by such ‎shareholder. Swiss law also provides that if the merger ‎agreement provides only for a compensation payment, ‎at least 90% of all members in the transferring legal ‎entity who are entitled to vote shall approve the ‎merger agreement.‎ |

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| &nbsp;&nbsp;***Shareholders' suits*** | &nbsp;&nbsp;***Shareholders' suits*** |
| &nbsp;&nbsp;Class actions and derivative actions generally are ‎available to shareholders of a Delaware corporation for, ‎among other things, breach of fiduciary duty, corporate ‎waste and actions not taken in accordance with ‎applicable law. In such actions, the court has discretion to ‎permit the winning party to recover attorneys' fees ‎incurred in connection with such action.‎ | &nbsp;&nbsp;‎Class actions and derivative actions as such are not ‎available under Swiss law. Nevertheless, certain actions ‎may have a similar effect. A shareholder is entitled to ‎bring suit against directors, officers or liquidators for ‎breach of their duties and claim the payment of the ‎company's losses or damages to the corporation and, ‎in some cases, to the individual shareholder. Likewise, ‎an appraisal lawsuit won by a shareholder may ‎indirectly compensate all shareholders. In addition, to ‎the extent that U.S. laws and regulations provide a ‎basis for liability and U.S. courts have jurisdiction, a ‎class action may be available.‎ |
|  | &nbsp;&nbsp;Under Swiss law, the winning party is generally entitled ‎to recover a limited amount of attorneys' fees incurred ‎in connection with such action. The court has discretion ‎to permit the shareholder who lost the lawsuit to ‎recover attorneys' fees incurred to the extent that he or ‎she acted in good faith.‎ |
| &nbsp;&nbsp;***Shareholder vote on board and management compensation*** | &nbsp;&nbsp;***Shareholder vote on board and management compensation*** |
| &nbsp;&nbsp;Under the Delaware General Corporation Law, the board ‎of directors has the authority to fix the compensation of ‎directors, unless otherwise restricted by the certificate of ‎incorporation or bylaws.‎ | &nbsp;&nbsp;Pursuant to Swiss law, the general meeting of ‎shareholders has the non-transferable right, amongst ‎others, to vote separately and bindingly on the ‎aggregate amount of compensation of the members of ‎the board of directors, of the executive committee and ‎of the advisory boards.‎ If variable compensation is approved for a future period rather than for a past period, the compensation report is subject to a non-binding vote of the general meeting of shareholders. |
| &nbsp;&nbsp;***Annual vote on board renewal*** | &nbsp;&nbsp;***Annual vote on board renewal*** |
| &nbsp;&nbsp; Unless directors are elected by written consent in lieu of ‎an annual meeting, directors are elected in an annual ‎meeting of shareholders on a date and at a time ‎designated by or in the manner provided in the bylaws. ‎Re-election is possible.‎ ‎<br>Classified boards are permitted.‎<br>| &nbsp;&nbsp;The general meeting of shareholders elects the ‎members of the board of directors, the chairperson of ‎the board of directors and the members of the ‎compensation committee individually and annually for ‎a term of office until the end of the following general ‎meeting of shareholders. Re-election is possible.‎ |

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| &nbsp;&nbsp;***Indemnification of directors and executive officers and limitation of liability*** | &nbsp;&nbsp;***Indemnification of directors and executive officers and limitation of liability*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Delaware General Corporation Law provides that a ‎certificate of incorporation may contain a provision ‎eliminating or limiting the personal liability of directors and officers ‎‎(but not other controlling persons) of the corporation for ‎monetary damages for breach of a fiduciary duty as a ‎director, except no provision in the certificate of ‎incorporation may eliminate or limit liability of:‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ‎a director or officer for any breach of the duty of loyalty to the ‎corporation or its shareholders;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a director or officer for acts or omissions not in good faith or which involve ‎intentional misconduct or a knowing violation of ‎law;‎ ‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a director for statutory liability for unlawful payment of dividends ‎or unlawful share purchase or redemption;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a director or officer for any transaction from which the director or officer derived an ‎‎improper personal benefit; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an officer in any action by or in right of the corporation.‎<br>A Delaware corporation may indemnify any person who ‎was or is a party or is threatened to be made a party to ‎any proceeding, other than an action by or on behalf of ‎the corporation, because the person is or was a director or ‎officer, against liability incurred in connection with the ‎proceeding if the director or officer acted in good faith ‎and in a manner reasonably believed to be in, or not ‎opposed to, the best interests of the corporation, and the ‎director or officer, with respect to any criminal action or ‎proceeding, had no reasonable cause to believe his or her ‎conduct was unlawful.‎<br>| &nbsp;&nbsp; ‎Under Swiss corporate law, an indemnification by the ‎corporation of a director or member of the executive ‎committee in relation to potential personal liability is ‎not effective to the extent the director or member of ‎the executive committee intentionally or negligently ‎violated his or her corporate duties towards the ‎corporation (certain views advocate that at least a ‎grossly negligent violation is required to exclude the ‎indemnification). Furthermore, the general meeting of ‎shareholders may discharge (release) the directors and ‎members of the executive committee from liability for ‎their conduct to the extent the respective facts are ‎known to shareholders. Such discharge is effective only ‎with respect to claims of the company and of those ‎shareholders who approved the discharge or who have ‎since acquired their shares in full knowledge of the ‎discharge. Most violations of corporate law are ‎regarded as violations of duties towards the corporation ‎rather than towards the shareholders. In addition, ‎indemnification of other controlling persons is not ‎permitted under Swiss corporate law, including ‎shareholders of the corporation.<br>The articles of association of a Swiss corporation may ‎also set forth that the corporation shall indemnify and ‎hold harmless, to the extent permitted by the law, the ‎directors and executive managers out of assets of the ‎corporation against threatened, pending or completed ‎actions.‎<br>Also, a corporation may enter into and pay for ‎directors' and officers' liability insurance, which may ‎cover negligent acts as well.‎<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless ordered by a court, any foregoing indemnification ‎is subject to a determination that the director or officer ‎has met the applicable standard of conduct:‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by a majority vote of the directors who are not ‎parties to the proceeding, even though less than a ‎quorum;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by a committee of directors designated by a majority ‎vote of the eligible directors, even though less than a ‎quorum;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by independent legal counsel in a written opinion if ‎there are no eligible directors, or if the eligible ‎directors so direct; or ‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· by the shareholders.‎<br>Moreover, a Delaware corporation may not indemnify a ‎director or officer in connection with any proceeding in ‎which the director or officer has been adjudged to be ‎liable to the corporation unless and only to the extent that ‎the court determines that, despite the adjudication of ‎liability but in view of all the circumstances of the case, ‎the director or officer is fairly and reasonably entitled to ‎indemnity for those expenses which the court deems ‎proper.‎<br>|  |

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| &nbsp;&nbsp;***Directors' fiduciary duties*** | &nbsp;&nbsp;***Directors' fiduciary duties*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A director of a Delaware corporation has a fiduciary duty ‎to the corporation and its shareholders. This duty has two ‎components:‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duty of care; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duty of loyalty.‎<br>The duty of care requires that a director act in good faith, ‎with the care that an ordinarily prudent person would ‎exercise under similar circumstances. Under this duty, a ‎director must inform himself or herself of, and disclose to ‎shareholders, all material information reasonably ‎available regarding a significant transaction.‎<br>The duty of loyalty requires that a director act in a ‎manner he or she reasonably believes to be in the best ‎interests of the corporation. He or she must not use his or ‎her corporate position for personal gain or advantage. ‎This duty prohibits self-dealing by a director and ‎mandates that the best interest of the corporation and its ‎shareholders take precedence over any interest possessed ‎by a director, officer or controlling shareholder and not ‎shared by the shareholders generally. In general, actions ‎of a director are presumed to have been made on an ‎informed basis, in good faith and in the honest belief that ‎the action taken was in the best interests of the ‎corporation. However, this presumption may be rebutted ‎by evidence of a breach of one of the fiduciary duties.<br>Should such evidence be presented concerning a ‎transaction by a director, a director must prove the ‎procedural fairness of the transaction, and that the ‎transaction was of fair value to the corporation.‎<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The board of directors of a Swiss corporation manages ‎the business of the corporation, unless responsibility for ‎such management has been duly delegated to the ‎executive committee based on organizational rules. ‎However, there are several non-transferable duties of ‎the board of directors:‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ‎the overall management of the corporation and ‎the issuing of all necessary directives;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· determination of the corporation's organization;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the organization of the accounting, ‎financial control and financial planning systems as ‎required for management of ‎the corporation;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the appointment and dismissal of persons ‎entrusted with managing and representing the ‎corporation;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the overall supervision of the persons entrusted with ‎managing the corporation, in particular with regard ‎to compliance ‎with the law, articles of association, ‎operational regulations and directives;‎<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the compilation of the annual report, the ‎compensation report, the report on non-financial matters and any other reports required by law, the preparation for ‎the general meeting of the shareholders ‎and implementation of its ‎resolutions; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the filing of an application for a debt restructuring moratorium and notification of the court in the event that the ‎company is over-indebted.‎<br>|

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|  | &nbsp;&nbsp; The members of the board of directors must perform ‎their duties with all due diligence and safeguard the ‎interests of the corporation in good faith. They must ‎afford the shareholders equal treatment in equal ‎circumstances.<br>‎The duty of care requires that a director act in good ‎faith, with the care that an ordinarily prudent director ‎would exercise under like circumstances.<br>The members of the board of directors and the executive committee are required to immediately and fully inform the board of directors about conflicts of interests concerning them. The board of directors is furthermore required to take measures in order to protect the interests of the company.<br>The duty of loyalty requires that a director safeguard ‎the interests of the corporation and requires that ‎directors act in the interest of the corporation and, if ‎necessary, put aside their own interests. If there is a risk ‎of a conflict of interest, the board of directors must ‎take appropriate measures to ensure that the interests ‎of the company are duly taken into account.‎<br>The burden of proof for a violation of these duties is ‎with the corporation or with the shareholder bringing a ‎suit against the director.‎<br>The Swiss Federal Supreme Court has established a doctrine that restricts its review of a business decision if the decision has been taken following proper preparation, on an informed basis and without conflicts of interest.<br>|
| &nbsp;&nbsp;***Shareholder action by written consent*** | &nbsp;&nbsp;***Shareholder action by written consent*** |
| &nbsp;&nbsp;A Delaware corporation may, in its certificate of ‎incorporation, eliminate the right of shareholders to act ‎by written consent. | &nbsp;&nbsp;Shareholders of a Swiss corporation may exercise ‎their voting rights in a general meeting of shareholders. ‎ Shareholders can only act by written consents if no shareholder requests a general meeting of shareholders. The articles of ‎association must allow for (independent) proxies to be ‎present at a general meeting of shareholders. The ‎instruction of such (independent) proxies may occur in ‎writing or electronically.‎ |

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| &nbsp;&nbsp;***Shareholder proposals*** | &nbsp;&nbsp;***Shareholder proposals*** |
| &nbsp;&nbsp;A shareholder of a Delaware corporation has the right to ‎put any proposal before the annual meeting of ‎shareholders, provided it complies with the notice ‎provisions in the governing documents. A special meeting ‎may be called by the board of directors or any other ‎person authorized to do so in the governing documents, ‎but shareholders may be precluded from calling special ‎meetings.‎ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any general meeting of shareholders, any ‎shareholder may put proposals to the meeting if the ‎proposal is part of an agenda item. No resolution may ‎be taken on proposals relating to the agenda items that ‎were not duly notified. Unless the articles of association ‎provide for a lower threshold or for additional ‎shareholders' rights:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ‎‎shareholders together representing at least 5% of ‎the share capital or voting rights may demand that a general ‎meeting of shareholders be called for specific ‎agenda items and specific proposals; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shareholders together representing shares with a ‎par value of at least 0.5% of the ‎share capital or the voting rights may demand ‎that an agenda item including a specific proposal, or a proposal with respect to an existing agenda item, ‎be put on the agenda for a scheduled general ‎meeting of shareholders, provided such request is ‎made with appropriate lead time.‎<br>Any shareholder can propose candidates for election as ‎directors or make other proposals within the scope of ‎an agenda item without prior written notice.‎<br>|
|  | &nbsp;&nbsp;In addition, any shareholder is entitled, at a general ‎meeting of shareholders and without advance notice, to ‎‎(i) request information from the board of directors on ‎the affairs of the company (note, however, that the ‎right to obtain such information is limited), (ii) request ‎information from the auditors on the methods and ‎results of their audit, (iii) request that the general ‎meeting of shareholders resolve to convene an ‎extraordinary general meeting, or (iv) request that the ‎general meeting of shareholders resolve to appoint an ‎examiner to carry out a special examination ("*examen* ‎*spécial*").‎ |
| &nbsp;&nbsp;***Cumulative voting*** | &nbsp;&nbsp;***Cumulative voting*** |
| &nbsp;&nbsp;‎Under the Delaware General Corporation Law, ‎cumulative voting for elections of directors is not ‎permitted unless the corporation's certificate of ‎incorporation provides for it.‎ | &nbsp;&nbsp;Cumulative voting is not permitted under Swiss ‎corporate law. Pursuant to Swiss law, shareholders can ‎vote for each proposed candidate, but they are not ‎allowed to cumulate their votes for single candidates. ‎An annual individual election of (i) all members of the ‎board of directors, (ii) the chairperson of the board of ‎directors, (iii) the members of the compensation ‎committee, (iv) the election of the independent proxy ‎for a term of office of one year (i.e., until the following ‎annual general meeting of shareholders), as well as the ‎vote on the aggregate amount of compensation of the ‎members of the board of directors, of the executive ‎committee and of the members of any advisory board, ‎is mandatory for listed companies. Re-election is ‎permitted.‎ |

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| &nbsp;&nbsp;***Removal of directors*** | &nbsp;&nbsp;***Removal of directors*** |
| &nbsp;&nbsp;A Delaware corporation with a classified board may be ‎removed only for cause with the approval of a majority ‎of the outstanding shares entitled to vote, unless the ‎certificate of incorporation provides otherwise.‎ | &nbsp;&nbsp;A Swiss corporation may remove, with or without ‎cause, any director at any time with a resolution passed ‎by a majority of the shares represented at a general ‎meeting of shareholders. The articles of association ‎may require the approval by a supermajority of the ‎shares represented at a meeting for the removal of a ‎director.‎ |
| &nbsp;&nbsp;***Transactions with interested shareholders*** | &nbsp;&nbsp;***Transactions with interested shareholders*** |
| &nbsp;&nbsp;The Delaware General Corporation Law generally ‎prohibits a Delaware corporation from engaging in certain ‎business combinations with an "interested shareholder" ‎for three years following the date that such person ‎becomes an interested shareholder. An interested ‎shareholder generally is a person or group who or which ‎owns or owned 15.0% or more of the corporation's ‎outstanding voting shares within the past three years.‎ | &nbsp;&nbsp;No such rule applies to a Swiss corporation.‎ |
| &nbsp;&nbsp;***Dissolution; winding up*** | &nbsp;&nbsp;***Dissolution; winding up*** |
| &nbsp;&nbsp;Unless the board of directors of a Delaware corporation ‎approves the proposal to dissolve, dissolution must be ‎approved by shareholders holding 100.0% of the total ‎voting power of the corporation. Only if the dissolution is ‎initiated by the board of directors may it be approved by ‎a simple majority of the corporation's outstanding shares. ‎Delaware law allows a Delaware corporation to include in ‎its certificate of incorporation a supermajority voting ‎requirement in connection with dissolutions initiated by ‎the board. | &nbsp;&nbsp;A dissolution of a Swiss corporation requires the ‎approval by two-thirds of the voting rights represented ‎at the respective general meeting of shareholders as ‎well as the majority of the par value of shares ‎represented at such general meeting of shareholders. ‎The articles of association may increase the voting ‎thresholds required for such a resolution.‎ |
| &nbsp;&nbsp;***Variation of rights of shares*** | &nbsp;&nbsp;***Variation of rights of shares*** |
| &nbsp;&nbsp;A Delaware corporation may vary the rights of a class of ‎shares with the approval of a majority of the outstanding ‎shares of such class, unless the certificate of ‎incorporation provides otherwise.‎ | &nbsp;&nbsp; The general meeting of shareholders of a Swiss ‎corporation may resolve that preference shares be ‎issued or that existing shares be converted into ‎preference shares with a resolution passed by a ‎majority of the shares represented at the general ‎meeting of shareholders. Where a company has issued ‎preference shares, further preference shares conferring ‎preferential rights over the existing preference shares ‎may be issued only with the consent of both a special ‎meeting of the adversely affected holders of the ‎existing preference shares and of a general meeting of ‎all shareholders, unless otherwise provided in the ‎articles of association.‎<br>Shares with preferential voting rights are not regarded ‎as preference shares for these purposes.‎<br>|

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| &nbsp;&nbsp;***Amendment of governing documents*** | &nbsp;&nbsp;***Amendment of governing documents*** |
| &nbsp;&nbsp;A Delaware corporation's governing documents may be ‎amended with the approval of a majority of the ‎outstanding shares entitled to vote, unless the certificate ‎of incorporation provides otherwise. | &nbsp;&nbsp; The articles of association of a Swiss corporation may ‎be amended with a resolution passed by a majority of ‎the shares represented at a general meeting of ‎shareholders, unless otherwise provided in the articles ‎of association.‎<br>There are a number of resolutions, such as an ‎amendment of the stated purpose of the corporation, ‎the introduction of a capital range and conditional capital ‎and the introduction of shares with preferential voting ‎rights that require the approval by two-thirds of the ‎votes and a majority of the par value of the ‎shares represented at such general meeting of ‎shareholders. The articles of association may increase ‎these voting thresholds.‎<br>|
| &nbsp;&nbsp;***Inspection of books and records*** | &nbsp;&nbsp;***Inspection of books and records*** |
| &nbsp;&nbsp;Shareholders of a Delaware corporation, upon written ‎demand under oath stating the purpose thereof, have the ‎right during the usual hours for business to inspect for any ‎proper purpose, and to obtain copies of list(s) of ‎shareholders and other books and records of the ‎corporation and its subsidiaries, if any, to the extent the ‎books and records of such subsidiaries are available to ‎the corporation. | &nbsp;&nbsp; Shareholders of a Swiss corporation holding in the aggregate at least 5% of the nominal share capital or voting rights have the right to inspect ‎books and records, subject to the safeguarding of the company's business secrets and other interests warranting protection. A ‎shareholder is only entitled to receive information to ‎the extent required to exercise his or her rights as a ‎shareholder. The board of directors has to decide on an inspection request within four months after receipt of such request. Denial of the request will need to be justified in writing. If the board of directors denies an inspection request, shareholders may request the order of an inspection by the court within 30 days.‎<br>A shareholder's right to inspect the share register is ‎limited to the right to inspect his or her own entry in the ‎share register.<br>|
| &nbsp;&nbsp;***Payment of dividends*** | &nbsp;&nbsp;***Payment of dividends*** |
| &nbsp;&nbsp;The board of directors may approve a dividend without ‎shareholder approval. Subject to any restrictions ‎contained in its certificate of incorporation, the board ‎may declare and pay dividends upon the shares of its ‎capital stock either:‎ ‎ | &nbsp;&nbsp;Dividend (including interim dividend) payments are subject to the approval of the ‎general meeting of shareholders. The board of directors ‎may propose to shareholders that a dividend shall be ‎paid but cannot itself authorize the distribution.‎ |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· out of its surplus, or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in case there is no such surplus, out of its net profits for ‎the fiscal year in which the dividend is declared ‎and/or the preceding fiscal year.<br>‎Shareholder approval is required to authorize capital ‎stock in excess of that provided in the charter. Directors ‎may issue authorized shares without shareholder ‎approval.‎<br>| &nbsp;&nbsp;Payments out of a corporation's share capital (in other ‎words, the aggregate par value of the corporation's ‎ shares) in the form of dividends are ‎not allowed and may be made only by way of a share ‎capital reduction. Dividends may be paid only from the ‎profits of the previous or current business year or brought forward ‎from previous business years or if the corporation has ‎distributable reserves, each as evidenced by the ‎corporation's audited stand-alone statutory balance ‎sheet prepared pursuant to Swiss law and after ‎allocations to reserves required by Swiss law and the ‎articles of association have been deducted.‎ |
| &nbsp;&nbsp;***Creation and issuance of new shares*** | &nbsp;&nbsp;***Creation and issuance of new shares*** |
| &nbsp;&nbsp;All creation of shares require the board of directors to ‎adopt a resolution or resolutions, pursuant to authority ‎expressly vested in the board of directors by the ‎provisions of the company's certificate of incorporation.‎ | &nbsp;&nbsp;All creation of shares require a shareholders' resolution. ‎The creation of a capital range or conditional share capital ‎requires at least two-thirds of the voting rights ‎represented at the general meeting of shareholders and ‎a majority of the par value of shares ‎represented at such meeting. The board of directors ‎may issue or cancel shares out of the capital range ‎during a period of up to five years by a maximum amount of 50% of the current share capital. Shares are created ‎and issued out of conditional share capital through the ‎exercise of options or of conversion rights that the ‎board of directors may grant to shareholders, creditors of bonds or similar debt ‎instruments, employees, contractors or consultants, directors of the company or another group company or third parties.‎ |

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**TAXATION**

The following discussion is based on the tax laws, regulations and regulatory practices of Switzerland and the United States as in effect on the date hereof, which are subject to change (or subject to changes in interpretation), possibly with retroactive effect.

Current and prospective shareholders are advised to consult their own tax advisers in light of their particular circumstances as to the Swiss or U.S. tax laws, regulations and regulatory practices that could be relevant for them in connection with owning and selling or otherwise disposing of our common shares and receiving dividends and similar cash or in-kind distributions on our common shares (including dividends on liquidation proceeds and share dividends) or distributions on our common shares based upon a capital reduction or reserves paid out of capital contributions and the consequences thereof under the tax laws, regulations and regulatory practices of Switzerland or the United States.

**Swiss Tax Considerations**

**Withholding Tax**

Under present Swiss tax law, dividends due and similar cash or in-kind distributions made by the Company to a shareholder of common shares (including liquidation proceeds and bonus shares) are subject to Swiss federal withholding tax ("Withholding Tax"), currently at a rate of 35% (applicable to the gross amount of taxable distribution). However, the repayment of the par value of the common shares and any repayment of qualifying additional paid-in capital (capital contribution reserves), within the limitations accepted by the legislation in force when such Dividend becomes due and the respective administrative practice, are not subject to the Withholding Tax. The Company is obliged to deduct any applicable Withholding Tax from the gross amount of any taxable distribution and to pay the tax to the Swiss Federal Tax Administration within 30 days of the due date of such distribution.

Swiss resident individuals who hold their common shares as private assets ("Resident Private Shareholders") are in principle eligible for a full refund or credit against income tax of the Withholding Tax if they duly report the underlying income in their income tax return. In addition, (i) corporate and individual shareholders who are resident in Switzerland for tax purposes, (ii) corporate and individual shareholders who are not resident in Switzerland, and who, in each case, hold their common shares as part of a trade or business carried on in Switzerland through a permanent establishment with fixed place of business situated in Switzerland for tax purposes and (iii) Swiss resident private individuals who, for income tax purposes, are classified as "professional securities dealers" for reasons of, inter alia, frequent dealing, or leveraged investments, in shares and other securities (collectively, "Domestic Commercial Shareholders") are in principle eligible for a full refund or credit against income tax of the Withholding Tax if they duly report the underlying income in their statements of operations or income tax return, as the case may be.

Shareholders who are not resident in Switzerland for tax purposes, and who, in each case and during the respective taxation year, do not hold their common shares as part of a trade or business carried on through a permanent establishment with fixed place of business situated in Switzerland for tax purposes, and who are not subject to corporate or individual income taxation in Switzerland for any other reason (collectively, "Non-Resident Shareholders") may be entitled to a total or partial refund of the Withholding Tax if the country in which such recipient resides for tax purposes maintains a bilateral treaty for the avoidance of double taxation with Switzerland and further conditions of such treaty are met. Non-Resident Shareholders should be aware that the procedures for claiming treaty benefits (and the time required for obtaining a refund) may differ from country to country. Non-Resident Shareholders should consult their own legal, financial or tax advisors regarding receipt, ownership, purchases, sale or other dispositions of common shares and the procedures for claiming a refund of the Withholding Tax.

**Securities Transfer Stamp Duty**

Any transactions in common shares in the secondary markets are subject to Swiss securities transfer stamp duty at an aggregate rate of 0.15% of the consideration paid for such common shares, however, only if a bank or other securities dealer in Switzerland, as defined in the Swiss Federal Stamp Tax Act (*loi fédérale sur les droits de timbre*), is a party or an intermediary to the transaction and no exemption applies.

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**Swiss Federal, Cantonal and Communal Individual Income Tax and Corporate Income Tax**

Non-Resident Shareholders

Non-Resident Shareholders are not subject to any Swiss federal, cantonal or communal income tax on dividend payments and similar distributions because of the mere holding of common shares. The same applies for capital gains on the sale of common shares subject to certain exceptions. For Withholding Tax consequences, see "—Swiss Tax Considerations—Withholding Tax."

Resident Private Shareholders and Domestic Commercial Shareholders

Resident Private Shareholders who receive dividends and similar cash or in-kind distributions (including liquidation proceeds as well as bonus shares or taxable repurchases of common shares as described above), which are not repayments of the par value of common shares or, within the limitations accepted by the legislation in force and the respective administrative practice, qualifying additional paid-in capital (capital contribution reserves), are required to report such receipts in their individual income tax returns and are subject to Swiss federal, cantonal and communal income tax on any net taxable income for the relevant tax period. A gain or a loss by Resident Private Shareholders realized upon the sale or other disposition of common shares to a third party will generally be a tax-free private capital gain or not a tax-deductible capital loss, as the case may be. Under exceptional circumstances the capital gain may be re-characterized into a taxable dividend, in particular upon taxable repurchase of common shares as described above. When a capital gain is re-characterized as a dividend, the relevant income for tax purposes corresponds to the difference between the repurchase price and the sum of the par value of common shares and, within the limitations accepted by the legislation in force and the respective administrative practice, qualifying additional paid-in capital (capital contribution reserves).

Domestic Commercial Shareholders who receive dividends and similar cash or in-kind distributions (including liquidation proceeds as well as bonus shares) are required to recognize such payments in their statements of operations for the relevant tax period and are subject to Swiss federal, cantonal and communal individual or corporate income tax, as the case may be, on any net taxable earnings accumulated (including the dividends) for such period. On cantonal and communal level, similar provisions were introduced, but the regulations may vary depending on the canton of residency. Domestic Commercial Shareholders who are corporate taxpayers may qualify for participation relief on dividend distributions (*réduction pour participations*), if common shares held have an aggregate market value of at least CHF 1 million. For cantonal and communal income tax purposes, the regulations on participation relief are broadly similar, depending on the canton of residency.

Domestic Commercial Shareholders are required to recognize a gain or loss realized upon the disposal of common shares in their statement of operations for the respective taxation period and are subject to Swiss federal, cantonal and communal individual or corporate income tax, as the case may be, on any net taxable earnings (including the gain or loss realized on the sale or other disposition of common shares) for such taxation period.

**Swiss Wealth Tax and Capital Tax**

Non-Resident Shareholders

Non-Resident Shareholders holding common shares are not subject to cantonal and communal wealth or annual capital tax because of the mere holding of common shares.

Resident Private Shareholders

Resident Private Shareholders are required to report their common shares as part of their private wealth and are subject to cantonal and communal wealth tax.

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Domestic Commercial Shareholders

Domestic Commercial Shareholders are required to report their common shares as part of their business wealth or taxable capital, as defined in the Swiss Direct Taxation Harmonization Act (*loi fédérale sur l'harmonisation des impôts directs des cantons et des communes*) and the applicable cantonal law, and are subject to cantonal and communal wealth or annual capital tax.

**Automatic Exchange of Information in Tax Matters**

On November 19, 2014, Switzerland signed the Multilateral Competent Authority Agreement. The Multilateral Competent Authority Agreement is based on Article 6 of the OECD/Council of Europe administrative assistance convention and is intended to ensure the uniform implementation of Automatic Exchange of Information (the "AEOI"). The Federal Act on the International Automatic Exchange of Information in Tax Matters (the "AEOI Act") entered into force on January 1, 2017. The AEOI Act is the legal basis for the implementation of the AEOI standard in Switzerland.

The AEOI is being introduced in Switzerland through bilateral agreements or multilateral agreements. The agreements have been, and will be, concluded on the basis of guaranteed reciprocity, compliance with the principle of speciality (i.e., the information exchanged may only be used to assess and levy taxes (and for criminal tax proceedings)) and adequate data protection.

Based on such multilateral or bilateral agreements and the implementation of Swiss law, Switzerland collects and exchanges data in respect of financial assets, including common shares, held in, and income derived thereon and credited to, accounts or deposits with a paying agent in Switzerland for the benefit of individuals resident in a European Union member state or in a treaty state.

**Swiss Facilitation of the Implementation of the U.S. Foreign Account Tax Compliance Act**

Switzerland has concluded an intergovernmental agreement with the United States to facilitate the implementation of U.S. Foreign Account Tax Compliance Act. The agreement ensures that the accounts held by U.S. persons with Swiss financial institutions are disclosed to the U.S. tax authorities either with the consent of the account holder or by means of group requests within the scope of administrative assistance. Information will not be transferred automatically in the absence of consent, and instead will be exchanged only within the scope of administrative assistance on the basis of the double taxation agreement between the United States and Switzerland. On June 27, 2024, Switzerland and the Untied States signed a new FATCA agreement. The new agreement provides for a different model for the exchange of financial account data. If the agreement is implemented, the current direct-notification-based regime will be replaced by a regime where the relevant information is sent to the Swiss Federal Tax Administration, which in turn provides the information to the U.S. tax authorities. The exchange of information will also be mutual and automatic. Implementation of the new FATCA agreement requires national law to be amended. According to the current schedule, Switzerland's change of model should come into force on January 1, 2027.

**Material U.S. Federal Income Tax Consequences for U.S. Holders**

The following is a description of the material U.S. federal income tax consequences to the U.S. Holders, as defined below, of owning and disposing of our common shares. It does not describe all tax considerations that may be relevant to a particular person's decision to acquire common shares.

This discussion applies only to a U.S. Holder that holds common shares as capital assets for U.S. federal income tax purposes (generally, property held for investment). In addition, it does not describe any tax consequences other than U.S. federal income tax consequences, including state and local tax consequences and estate tax consequences, and does not describe all of the U.S. federal income tax consequences that may be relevant in light of the U.S. Holder's particular circumstances, including alternative minimum tax consequences, the potential application of the provisions of the Internal Revenue Code of 1986, as amended (the "Code") known as the Medicare contribution tax and tax consequences applicable to U.S. Holders subject to special rules, such as:

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&nbsp;&nbsp;&nbsp;&nbsp;• certain banks, insurance companies and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities who use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding common shares as part of a straddle, wash sale, conversion transaction or other integrated transaction or persons
entering into a constructive sale with respect to the common shares;

&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;• entities or arrangements classified as partnerships or S corporations for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities, including an "individual retirement account" or "Roth IRAs" and governmental entities;

&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts or regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;• former U.S. citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to Section 451(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that own or are deemed to own 10% or more of the voting power or value of our shares; or

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding common shares in connection with a trade or business conducted outside of the United States or in connection with
a permanent establishment or other fixed place of business outside of the United States.

If an entity or arrangement that is classified as a partnership for U.S. federal income tax purposes holds common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships holding common shares and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of the common shares.

This discussion is based on the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, and the income tax treaty between Switzerland and the United States (the "Treaty"), all as of the date hereof, any of which is subject to change or differing interpretations, possibly with retroactive effect.

A "U.S. Holder" is a beneficial owner of our common shares who, for U.S. federal income tax purposes, is eligible for the benefits of the Treaty and who is:

&nbsp;&nbsp;&nbsp;&nbsp;• a citizen or individual resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state
therein or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;• an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of common shares in their particular circumstances.

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***Passive Foreign Investment Company Rules***

Under the Code, we will be a PFIC for any taxable year in which, after the application of certain look-through rules with respect to subsidiaries, either (i) 75% or more of our gross income consists of "passive income" or (ii) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, "passive income." For purposes of the above calculations, we will be treated as if we hold our proportionate share of the assets of, and receive directly our proportionate share of the income of, any other corporation in which we directly or indirectly own at least 25%, by value, of the shares of such corporation. Passive income generally includes interest, dividends, certain non-active rents and royalties, and capital gains.

Cash is generally characterized as a passive asset for these purposes. Goodwill is generally characterized as a non-passive or passive asset based on the nature of the income produced in the activity to which the goodwill is attributable. The extent to which our goodwill should be characterized as a non-passive asset is not entirely clear. We hold a substantial amount of cash, and while this continues to be the case our PFIC status for any taxable year depends largely on the value of our goodwill and the characterization of our goodwill as passive or non-passive. The value of our goodwill for any taxable year may be determined in large part by reference to the average of our market capitalization for that year. Because our market capitalization declined substantially during 2023, we believe we were a PFIC for our 2023 taxable year. There is also a risk that we will be a PFIC for 2024 and possibly future taxable years. We have not obtained any valuation of our assets (including goodwill). U.S. Holders of our common shares should consult their tax advisers regarding the value and characterization of our assets for purposes of the PFIC rules, as they are subject to some uncertainties. In addition, our PFIC status is a factual annual determination that can be made only after the end of the relevant taxable year and will depend on the composition of our income and assets and the value of our assets from time to time. Accordingly, our PFIC status for 2024 and any future taxable year is uncertain.

If we are a PFIC for any year during which a U.S. Holder holds common shares, we will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder holds common shares, even if we cease to meet the threshold requirements for PFIC status, unless the U.S. Holder elects to recognize gain, if any, as if it sold its common shares as of the last day of the last tax year in which we are a PFIC (such election, a "Purging Election"). In addition, the Company may, directly or indirectly, have held or hold equity interests in other PFICs (collectively, "Lower-tier PFICs"). Under attribution rules, if the Company is a PFIC, U.S. Holders will be deemed to own their proportionate shares of the stock of Lower-tier PFICs and will be subject to U.S. federal income tax according to the rules described in the following paragraphs on (i) certain distributions by a Lower-tier PFIC and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly, even though holders have not received the proceeds of those distributions or dispositions directly. U.S. Holders should consult their tax advisers about the consequences to them if we own one or more Lower-tier PFICs.

If we are a PFIC for any taxable year during which a U.S. Holder holds common shares, such holder will generally be subject to adverse tax consequences. Unless a U.S. Holder makes a timely "mark-to-market" election or "qualified electing fund" ("QEF") election (each discussed below), gain recognized by the U.S. Holder on sale or other disposition (including certain pledges) of common shares (including any gain recognized as a consequence of a Purging Election) will be allocated ratably over the U.S. Holder's holding period for the common shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC will be taxed as ordinary income. The amount allocated to each other taxable year will be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge will be imposed on the resulting tax liability. Further, to the extent that any distribution received by a U.S. Holder on its common shares exceeds 125% of the average of the annual distributions on the common shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution will be subject to taxation in the same manner as gain, described immediately above.

If we are a PFIC and if our common shares are "regularly traded" on a "qualified exchange," a U.S. Holder will be eligible to make a mark-to-market election that will result in tax treatment different from the general tax treatment for PFICs described above. Our common shares will be treated as "regularly traded" if more than a de minimis amount of our common shares are traded on a qualified exchange on at least 15 days during each calendar quarter. The NYSE, on which our common shares are listed, is a qualified exchange for this purpose. Once made, the election cannot be revoked without the consent of the Internal Revenue Service (the "IRS") unless the shares cease to be traded on an established market.

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If a U.S. Holder makes the mark-to-market election, such holder will generally recognize as ordinary income any excess of the fair market value of such holder's common shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the common shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, such holder's tax basis in their common shares will be adjusted to reflect these income or loss amounts. Any gain recognized on the sale or other disposition of common shares in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). This election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any Lower-tier PFICs notwithstanding a mark-to-market election for the common shares.

If a company that is a PFIC provides certain information to U.S. Holders, a U.S. Holder can then avoid certain adverse tax consequences described above by making a QEF election to be taxed currently on its proportionate share of the PFIC's ordinary income and net capital gains.

The QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder generally makes a QEF election by attaching a completed IRS Form 8621, including the information provided in a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return for the taxable year to which the election relates. U.S. Holders should consult their tax advisers regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances. In order to comply with the requirements to make a QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from us. Because we believe we were a PFIC for the 2023 taxable year, we have provided information necessary for our U.S. investors to make a QEF election with respect to us for the 2023 taxable year on our website. If, following the end of our current or future taxable years, we believe that we were a PFIC for that taxable year, we intend to provide on our website information necessary for our U.S. investors to make a QEF election with respect to such taxable year, but there can be no complete assurance in this regard.

In addition, if we are a PFIC (or, with respect to a particular U.S. Holder, are treated as a PFIC) for a taxable year in which we pay a dividend or for the prior taxable year, the preferential dividend rates discussed below with respect to dividends paid to certain non-corporate U.S. Holders will not apply.

The rules dealing with PFICs and with the mark-to-market and QEF elections are complex and are affected by various factors in addition to those described above. Accordingly, U.S. Holders should consult their tax advisers concerning the application of the PFIC rules to our common shares under their particular circumstances.

***Information Returns***

If we are a PFIC for any taxable year during which a U.S. Holder holds common shares, the U.S. Holder will generally be required to file an annual report on IRS Form 8621, containing such information as the U.S. Treasury may require, with their annual U.S. federal income tax returns. A U.S. Holder's failure to file the annual report will cause the statute of limitations for such U.S. Holder's U.S. federal income tax return to remain open with respect to the items required to be included in such report until three years after the U.S. Holder files the annual report and, unless such failure is due to reasonable cause and not willful neglect, the statute of limitations for the U.S. Holder's entire U.S. federal income tax return will remain open during such period.

Prospective U.S. holders should consult their tax advisers regarding the potential PFIC rules to an investment in common shares.

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***Taxation of Distributions***

The following is subject to the discussion regarding the PFIC rules described above.

Distributions paid on common shares, other than certain *pro rata* distributions of common shares, will generally be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Dividends paid to certain non-corporate U.S. Holders may be eligible for taxation as "qualified dividend income" and therefore, subject to applicable limitations, may be taxable at rates not in excess of the long-term capital gain rate applicable to such U.S. Holder. However, the qualified dividend income treatment will not apply if we are treated as a PFIC with respect to the U.S. Holder or if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year.

The amount of a dividend will include any amounts withheld by us in respect of Swiss income taxes. The amount of the dividend will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date of the U.S. Holder's receipt of the dividend. The amount of any dividend income paid in Swiss francs will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S. dollars at that time. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

Subject to generally applicable limitations and conditions, some of which vary depending upon the U.S. Holder's particular circumstances, Swiss income taxes withheld from dividends on common shares (at a rate not exceeding the rate provided by the Treaty, in the case of a U.S. Holder eligible for a reduced rate under the Treaty) will be creditable against the U.S. Holder's U.S. federal income tax liability. These generally applicable limitations and conditions include new requirements adopted by the IRS in regulations promulgated in December 2021 (the "Foreign Tax Credit Regulations") and any Swiss tax will need to satisfy these requirements in order to be eligible to be a creditable tax to a U.S. Holder. However, the IRS released guidance in the form of a notice which provides temporary relief from the requirements of these new regulations for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). In the case of a U.S. Holder that either (i) is eligible for, and properly elects, the benefits of the Treaty, or (ii) consistently elects to apply a modified version of these rules under the recently issued temporary guidance and complies with specific requirements set forth in such guidance, the Swiss tax on interest generally will be treated as a creditable tax (for taxable years for which such temporary relief applies, in the case of U.S. Holders relying on the temporary relief). In the case of all other U.S. Holders, the application of these requirements to the Swiss tax is uncertain and we have not determined whether these requirements have been met. If the Swiss tax is not a creditable tax for a U.S. Holder or such holder does not elect to claim a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year, such U.S. Holder may be eligible to deduct the Swiss tax in computing its taxable income for U.S. federal income tax purposes, subject to generally applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year. Dividend distributions will constitute income from sources without the United States and, for U.S. Holders that elect to claim foreign tax credits, generally will constitute "passive category income" for foreign tax credit purposes.

The availability and calculation of foreign tax credits and deductions for foreign taxes depend on a U.S. Holder's particular circumstances and involve the application of complex rules to those circumstances. The temporary guidance discussed above also indicates that the U.S. Treasury and the IRS are considering proposing amendments to the December 2021 regulations and that the temporary guidance can be relied upon until additional guidance is issued that withdraws or modifies the temporary guidance. U.S. Holders should consult their tax advisers regarding the application of these rules to their particular circumstances.

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***Sale or Other Disposition of Common Shares***

The following is subject to the discussion regarding the PFIC rules described above.

Gain or loss realized by a U.S. Holder on the sale or other disposition of common shares will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder's holding period for such common shares was more than one year as of the date of the sale or other disposition. The amount of the gain or loss will equal the difference between the U.S. Holder's tax basis in the common shares disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Long-term capital gain recognized by a non-corporate U.S. Holder is subject to U.S. federal income tax at rates lower than the rates applicable to ordinary income and short-term capital gains, while short-term capital gains are subject to U.S. federal income tax at the rates applicable to ordinary income. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit purposes. However, U.S. Holders that are eligible for benefits under the Treaty may be able to elect to treat the gain as foreign-source income under the Treaty and claim a foreign tax credit in respect of Swiss taxes on disposition gains. The Foreign Tax Credit Regulations generally preclude a U.S. Holder from claiming a foreign tax credit with respect to Swiss income taxes on gains from dispositions of common shares if the U.S. Holder does not elect to apply the benefits of the Treaty. However, in that case it is possible that any Swiss taxes on disposition gains may either be deductible or reduce the amount realized on the disposition. The rules governing foreign tax credits and deductibility of foreign taxes are complex. U.S. Holders should consult their tax advisers regarding their eligibility for benefits under the Treaty and the consequences of the imposition of any Swiss tax on disposition gains. The deductibility of capital losses is subject to various limitations.

***Information Reporting and Backup Withholding***

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

**[**Table of Contents**](#toc)** 

**SELLING SHAREHOLDERS**

This prospectus relates to the resale of up to an aggregate of 27,726,052 common shares by the selling shareholders.

We do not know whether, when or the extent to which the holders of common shares will sell such common shares or the holders of the pre-funded warrants will opt to exercise their pre-funded warrants. We are registering the common shares in order to permit the selling shareholders to offer the shares for resale from time to time. Except for ownership of the common shares and pre-funded warrants and as described in the documents incorporated by reference in this prospectus, the selling shareholders have not had any material relationship with us within the past three years.

The table below lists the selling shareholders and other information regarding the beneficial ownership of common shares by each of the selling shareholders. The second column lists the number of common shares owned by each selling shareholder. The third column lists the number of common shares offered by this prospectus by each selling shareholder. The fourth column lists the number of common shares beneficially owned by each selling shareholder after the offering contemplated by this prospectus, assuming the sale of all common shares being offered by this prospectus by each selling shareholder.

The selling shareholders may sell some, all or none of their common shares. We do not know how long the selling shareholders will hold the common shares before selling them, and we currently have no agreements, arrangements or understandings with any selling shareholder regarding its resale of any of the common shares. See "Plan of Distribution."

---

| | | | |
|:---|:---|:---|:---|
| **Selling Shareholders** | **Number of Common Shares Beneficially Owned Prior to Any Sale** | **Number of Common Shares Offered by this Prospectus** | **Number of Common Shares Beneficially Owned Assuming Sale of All Shares Offered by this Prospectus** |
| CVI Investments, Inc. <sup>(1)</sup> | 2832861 | 2832861 |  |
| Nantahala Capital Partners Limited Partnership <sup>(2)</sup> | 437052 | 437052 |  |
| NCP RFM LP <sup>(2)</sup> | 189209 | 189209 |  |
| Blackwell Partners LLC – Series A <sup>(2)</sup> | 790169 | 790169 |  |
| Pinehurst Partners, L.P. <sup>(2)</sup> | 849859 | 849859 |  |
| Point72 Associates, LLC <sup>(3)</sup> | 7763658 | 6232294 | 1531364 |
| Entities affiliated with Prosight Management, LP <sup>(4)</sup> | 10295772 | 377055 | 9918717 |
| Entities affiliated with Redmile Group, LLC <sup>(5)</sup> | 15666731 | 15734267 | 15666731 |
| StemPoint Capital Master Fund LP <sup>(6)</sup> | 283286 | 283286 |  |

---

(1) Heights Capital Management, Inc., the authorized
 agent of CVI Investments, Inc. ("CVI"), has discretionary authority to vote and
 dispose of the shares held by CVI and may be deemed to be the beneficial owner of these shares.
 Martin Kobinger, in his capacity as Investment Manager of Heights Capital Management, Inc.,
 may also be deemed to have investment discretion and voting power over the shares held by
 CVI. Mr. Kobinger disclaims any such beneficial ownership of the shares. The principal business
 address of CVI is c/o Heights Capital Management, Inc., 101 California Street, Suite 3250,
 San Francisco, California 94111.

(2) Nantahala Capital Management, LLC is a Registered
 Investment Adviser and has been delegated the legal power to vote and/or direct the disposition
 of such securities on behalf of the selling stockholder as a General Partner, Investment
 Manager, or Sub-Advisor and would be considered the beneficial owner of such securities.
 The above shall not be deemed to be an admission by the record owners or the selling stockholder
 that they are themselves beneficial owners of these securities for purposes of Section 13(d)
 of the Securities Exchange Act of 1934, as amended, or the Exchange Act, or any other purpose.
 Wilmot Harkey and Daniel Mack are managing members of Nantahala Capital Management, LLC and
 may be deemed to have voting and dispositive power over the shares held by the selling stockholder.
 The address for (i) Nantahala Capital Partners Limited Partnership and NCP RFM LP is 130
 Main Street, 2nd Floor, New Canaan, CT 06840, (ii) Blackwell Partners LLC - Series A is 280
 South Mangum Street, Suite 210, Durham, NC 27701, and (iii) Pinehurst Partners, L.P. is 1209
 Orange Street, Wilmington, SE 19801.

(3) Point72 Asset Management, L.P. maintains
 investment and voting power with respect to the securities held by certain investment funds
 it manages, including Point72 Associates, LLC. Point72 Capital Advisors, Inc. is the general
 partner of Point72 Asset Management, L.P. Mr. Steven A. Cohen controls each of Point72 Asset
 Management, L.P. and Point72 Capital Advisors, Inc. By reason of the provisions of Rule 13d-3
 of the Exchange Act, each of Point72 Asset Management, L.P., Point72 Capital Advisors, Inc.,
 and Mr. Cohen may be deemed to beneficially own the securities directly held by Point72 Associates,
 LLC that are reflected herein. Each of Point72 Asset Management, L.P., Point72
 Capital Advisors, Inc., and Mr. Cohen disclaims beneficial ownership of any such securities.
 The address for Point72 Associates, LLC is 72 Cummings Point Road, Stamford, CT 06902.

**[**Table of Contents**](#toc)** 

(4) Consists of (i) 1,769,843 shares of common
 stock held by Belmont Harbor Master Fund, LP, (ii) 229,595 shares of common stock held by
 West Tower Partners, SPC, (iii) 2,253,745 shares of common stock held by Prosight Plus Fund,
 LP ("Prosight Plus Fund") and (iv) 611,569 shares of common stock held by Prosight
 Fund, LP ("Prosight Fund"). Each of Prosight Management, LP ("Prosight
 Management"), Prosight Partners, LLC ("Prosight Partners") and W. Lawrence
 Hawkins has shared voting and dispositive power over all of such shares. Prosight Management
 is the general partner and investment manager of, and may be deemed to indirectly beneficially
 own securities owned by, Prosight Fund and Prosight Plus Fund. Prosight Management is a sub-advisor for
 certain separate managed accounts (collectively, the "Managed Accounts") and
 may be deemed to indirectly beneficially own securities owned by the Managed Accounts. Prosight
 Partners is the general partner of, and may be deemed to beneficially own, securities beneficially
 owned by Prosight Management. Mr. Hawkins is the sole manager of, and may be deemed
 to beneficially own securities beneficially owned by, Prosight Partners. Prosight Fund disclaims
 beneficial ownership of the shares of common stock held by each of the Managed Accounts,
 Prosight Plus Fund and Mr. Hawkins. Prosight Plus Fund disclaims beneficial ownership
 of the shares of common stock held by each of the Managed Accounts, Prosight Fund, and Mr. Hawkins.
 Mr. Hawkins disclaims beneficial ownership of the shares of common stock held by each
 of the Managed Accounts, Prosight Fund and Prosight Plus Fund. The address for each of the
 foregoing named reporting persons is c/o Prosight Management, LP, 5956 Sherry Lane, Suite
 1365, Dallas, Texas 75225.

(5) Redmile Group, LLC's ("Redmile Group") beneficial ownership "Prior to Any
 Sale" includes 15,666,731 shares of common stock and excludes 23,897,532 shares of common stock underlying pre-funded
 warrants, which pre-funded warrants are not exercisable within 60 days of June 30, 2025 by virtue of being subject to the 9.99%
 beneficial ownership limitation , and of which an aggregate of 15,734,267 shares of common stock issuable upon exercise of such
 pre-funded warrants are being offered by this prospectus. "Number of Common Shares Offered by this Prospectus" includes
 (i) 485,921 shares of common stock issuable upon the exercise of pre-funded warrants held directly by Redmile Capital Fund, LP
 ("Redmile Capital"), (ii) 436,216 shares of common stock issuable upon the exercise of the pre-funded warrants held
 directly by Redmile Capital Offshore Master Fund, Ltd. ("Redmile Offshore"), (iii) 587,036 shares of common stock
 issuable upon the exercise of the pre-funded warrants held directly by Redmile Strategic Trading Sub, Ltd. ("Trading
 Sub"), (iv) 302,984 shares of common stock issuable upon the exercise of pre-funded warrants held directly by Redmile
 Strategic Long Only Trading Sub, Ltd. ("Long Only Trading Sub"), (v) 12,465,234 shares of common stock issuable upon the
 exercise of pre-funded warrants held directly by RedCo II Master Fund, L.P. ("RedCo II") and (vi) 1,456,876 shares of
 common stock issuable upon the exercise of pre-funded warrants held directly by Redmile Biopharma Investments I, L.P.
 ("RBI" and, together with Redmile Capital, Redmile Offshore, Trading Sub, Long Only Trading Sub and RedCo II, the
 "Redmile Funds"). The shares of common stock issuable upon the exercise of the pre-funded warrants offered by this
 prospectus , as well as 8,163,265 shares of common stock issuable upon the exercise
of pre-funded warrants that are not being offered by this prospectus, are subject to a beneficial ownership limitation of 9.99% which limitation restricts the Redmile Group from exercising
 that portion of the pre-funded warrants that would result in the Redmile Group beneficially owning, after exercise, a number of
 shares of common stock in excess of the 9.99% beneficial ownership limitation. Redmile Group is the investment manager to each of
 the Redmile Funds and, in such capacity, exercises voting and investment power over all of the securities held by such entities and
 may be deemed to be the beneficial owner of these securities. Jeremy C. Green serves as the principal of Redmile Group and also may
 be deemed to be the beneficial owner of these securities. Redmile Group and Mr. Green each disclaim beneficial ownership of these
 shares, except to the extent of its or his pecuniary interest in such shares, if any. The address of the Redmile Funds is c/o
 Redmile Group, LLC, One Letterman Drive, Building D, Suite D3-300, San Francisco, California 94129.

(6) The address of StemPoint Capital Master
 Fund LP is 520 Madison Ave, 19th Floor, New York, NY, 10022.

The table above is prepared based on information supplied by us by the selling shareholder as of the date of this prospectus. The selling shareholders may have sold, transferred or otherwise disposed of all or a portion of that holder's common shares and pre-funded warrants since the date on which the selling shareholder provided information for this table. Information about any other selling shareholders will be included in prospectus supplements or post-effective amendments, if required. Information about the selling shareholders may change from time to time. Any changed information with respect to which we are given notice will be included in prospectus supplements.

**[**Table of Contents**](#toc)** 

**PLAN OF DISTRIBUTION**

Each selling shareholder may, from time to time, sell any or all of their securities or interests in any securities covered hereby on the NYSE or any other stock exchange, market or trading facility on which the securities are traded or in private transactions. These sales or dispositions may be at fixed or negotiated prices. A selling shareholder may use any one or more of the following methods when selling securities:

&nbsp;&nbsp;&nbsp;&nbsp;• ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;• block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the
block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;• an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;• settlement of short sales made after the effectiveness of the registration statement of which this prospectus forms a part;

&nbsp;&nbsp;&nbsp;&nbsp;• in transactions through broker-dealers that agree with the selling shareholders to sell a specified number of such securities at a
stipulated price per security;

&nbsp;&nbsp;&nbsp;&nbsp;• through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;• a combination of any such methods of sale; or

&nbsp;&nbsp;&nbsp;&nbsp;• any other method permitted pursuant to applicable law.

Broker-dealers engaged by the selling shareholders may arrange for other broker-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the selling shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with Financial Industry Regulatory Authority ("FINRA") Rule 2121, and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

In connection with the sale of the securities or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The selling shareholders may also sell securities short after the effectiveness of the registration statement of which this prospectus forms a part and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction). In addition, a selling shareholder that is an entity may elect to make an in-kind distribution of securities to its members, partners or stockholders pursuant to the registration statement of which this prospectus is a part by delivering a prospectus with a plan of distribution. Such members, partners or stockholders would thereby receive freely tradeable securities pursuant to the distribution through the registration statement of which this prospectus is a part.

**[**Table of Contents**](#toc)** 

Any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each selling shareholder has informed us that, at the time of its acquisition of the common shares or the warrants, as applicable, it did not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.

We are required to pay certain fees and expenses incurred by us incident to the registration of the securities. We have agreed to indemnify the selling shareholders against certain losses, claims, damages and liabilities, including civil liabilities under the Securities Act.

Any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold under Rule 144 rather than under this prospectus or any other exemptions from registration under the Securities Act.

We agreed to keep the registration statement of which this prospectus is a part effective until such time as all securities included in the registration statement have been sold pursuant to the registration statement, have been sold pursuant to Rule 144, are eligible for resale without volume or manner-of-sale restrictions and without current public information requirements pursuant to Rule 144 or are no longer outstanding or June 16, 2028.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not simultaneously engage in market making activities with respect to the common shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the selling shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M.

**[**Table of Contents**](#toc)** 

**LEGAL MATTERS**

The validity of the common shares and certain other matters with respect to Swiss law will be passed upon for us by Homburger AG, Zurich, Switzerland. Certain matters with respect to U.S. federal and New York State law will be passed upon for us by Davis Polk & Wardwell LLP, New York, New York.

**EXPERTS**

The financial statements incorporated in this prospectus by reference to the Annual Report on Form 10-K for the year ended December 31, 2024 have been so incorporated in reliance on the report of PricewaterhouseCoopers SA, an independent registered ‎public accounting firm, given on the authority of said firm as experts in auditing and accounting. ‎

**ENFORCEMENT OF JUDGMENTS**

We are organized under the laws of Switzerland and our registered office and domicile is located in Epalinges, Switzerland. Moreover, a number of our directors and executive officers are not residents of the United States, and all or a substantial portion of the assets of such persons are located outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon us or upon such persons or to enforce against them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the federal securities laws of the United States. We have been advised by our Swiss counsel that there is doubt as to the enforceability in Switzerland of original actions, or in actions for enforcement of judgments of U.S. courts, of civil liabilities to the extent solely predicated upon the federal and state securities laws of the United States. Original actions against persons in Switzerland based solely upon the U.S. federal or state securities laws are governed, among other things, by the principles set forth in the Swiss Federal Act on Private International Law (the "PILA"). The PILA provides that the application of provisions of non-Swiss law by the courts in Switzerland shall be precluded if the result would be incompatible with Swiss public policy. Also, mandatory provisions of Swiss law may be applicable regardless of any other law that would otherwise apply.

Switzerland and the United States do not have a treaty providing for reciprocal recognition of and enforcement of judgments in civil and commercial matters. The recognition and enforcement of a judgment of the courts of the United States in Switzerland is governed by the principles set forth in the PILA. The PILA provides in principle that a judgment rendered by a non-Swiss court may be enforced in Switzerland only if:

&nbsp;&nbsp;&nbsp;&nbsp;· the non-Swiss court had jurisdiction pursuant to the PILA;

&nbsp;&nbsp;&nbsp;&nbsp;· the judgment of such non-Swiss court has become final and non-appealable;

&nbsp;&nbsp;&nbsp;&nbsp;· the judgment does not contravene Swiss public policy;

&nbsp;&nbsp;&nbsp;&nbsp;· the court procedures and the service of documents leading to the judgment
were in accordance with the due process of law; and

&nbsp;&nbsp;&nbsp;&nbsp;· no proceeding involving the same position and the same subject matter was
first brought in Switzerland, or adjudicated in Switzerland, or was earlier adjudicated in a third state and this decision is recognizable
in Switzerland.

**[**Table of Contents**](#toc)** 

**WHERE YOU CAN FIND MORE INFORMATION**

We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual, quarterly and current reports and proxy and information statements. The SEC maintains an internet site at *sec.gov* that contains reports, proxy and information statements and other information we have filed electronically with the SEC.

We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form S-3 under the Securities Act. This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement and the exhibits and schedules to the registration statement. For more detail about us and the securities that may be offered by this prospectus, you may examine the registration statement on Form S-3 and the exhibits filed with it at the website provided in the previous paragraph.

We maintain a corporate website at *adctherapeutics.com*. The reference to our website is an inactive textual reference only, and information contained therein or connected thereto is not incorporated into this prospectus or the registration statement of which it forms a part.

**[**Table of Contents**](#toc)** 

**INFORMATION INCORPORATED BY REFERENCE**

The rules of the SEC allow us to incorporate by reference information in this prospectus, which means that we disclose important information to you by referring you to another document filed separately with the SEC. The information incorporated by reference in this prospectus is considered to be a part of this prospectus. Any statement made in this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or in any other subsequently filed document that is also incorporated or deemed to be incorporated by reference in this prospectus modifies or supersedes that statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus. This prospectus incorporates by reference the documents listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· our Annual Report on Form 10-K for the year ended [December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001771910/000162828025015131/adc-20241231.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Quarterly Report on Form 10-Q for the quarter ended [March 31, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001771910/000162828025025481/adc-20250331.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;· our Current Reports on Form 8-K filed with the SEC on [June 5, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001771910/000095010325007061/dp229762_8k.htm) and [June 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001771910/000095010325007282/dp230070_8k.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;· our [Registration Statement on Form 8-A filed with the SEC on May 11, 2020](https://www.sec.gov/Archives/edgar/data/1771910/000114036120011268/nt10009045x7_8a12b.htm) and any ‎amendment
or report filed for the purpose of updating such description.‎

All subsequent documents that we file pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (excluding, in each case, any information or documents deemed to be furnished and not filed), (i) on or after the date of the initial filing of the registration statement of which this prospectus forms a part and prior to the effectiveness of such registration statement and (ii) on or after the date of this prospectus and prior to the termination or expiration of the registration statement of which this prospectus forms a part, shall be incorporated by reference.

You can obtain any of the filings incorporated by reference in this prospectus through us or from the SEC through ‎the SEC's website at *sec.gov*. Our filings with the SEC are also available free of charge on our website (*adctherapeutics.com*) as soon as reasonably practicable after they are filed with, or furnished to, the SEC. The reference to our website is an inactive textual reference only, and information contained ‎therein or connected thereto is not incorporated into this prospectus or the registration statement of which it forms a ‎part. We will provide to each person, including any beneficial owner, to whom this prospectus is delivered, a copy of ‎any or all the reports or documents incorporated by reference in this prospectus at no cost, upon written or oral ‎request to us at the following address:‎

Investor Relations<br> ADC Therapeutics SA<br> c/o ADC Therapeutics America, Inc.<br> 430 Mountain Avenue, 4th Floor<br> New Providence, New Jersey 07974<br> (908) 731-5556

**[**Table of Contents**](#toc)**![](image_004.jpg)

**ADC THERAPEUTICS SA**

**27,726,052 Common Shares**

**PROSPECTUS**

**, 2025**

**[**Table of Contents**](#toc)** 

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 14. Other Expenses of Issuance and Distribution**

We expect that our expenses in connection with this offering will be as follows:

---

| | |
|:---|:---|
| **Expenses** | **Amount** |
| SEC registration fee | $12119 |
| Printing expenses | 3000 |
| Legal fees and expenses | 30000 |
| Accounting fees and expenses | 30000 |
| Miscellaneous costs |  |
| **Total** | $75119 |

---

All amounts in the table are estimates except the SEC registration fee. We will pay fees and expenses incurred by us incident to the registration of the securities. If any shares are sold, the selling shareholders will pay any brokerage commissions and/or similar charges incurred for the sale of such shares.

**Item 15. Indemnification of Directors and Officers**

Under Swiss law, a corporation may indemnify its directors or officers against losses and expenses (except for such losses and expenses arising from willful misconduct or negligence, although legal scholars advocate that at least gross negligence be required), including attorney's fees, judgments, fines and settlement amounts actually and reasonably incurred in a civil or criminal action, suit or proceeding by reason of having been the representative of, or serving at the request of, the corporation.

Subject to Swiss law, our articles of association provide for indemnification of the existing and former members of our board of directors and our executive committee as well as their heirs, executors and administrators, against liabilities arising in connection with the performance of their duties in such capacity, and our articles of association require us to advance the expenses of defending any action, suit or proceeding to existing and former members of our board of directors and our executive committee to the extent not included in insurance coverage or advanced by third parties.

In addition, under general principles of Swiss employment law, an employer may be required to indemnify an employee against losses and expenses incurred by such employee in the proper execution of their duties under the employment agreement with the company.

We have entered into indemnification agreements with each of the members of our board of directors and executive officers.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to directors, officers and controlling persons of the Company, the Company has been advised that, in the opinion of the U.S. Securities and Exchange Commission (the "SEC"), such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.

**Item 16. Exhibits**

The following documents are filed as part of this registration statement:

**[**Table of Contents**](#toc)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
| <br>**Exhibit No.** | <br>**Description** | **Form** | **File No.** | **Exhibit No.** | **Filing Date** |
| 4.1 | [Articles of Association of ADC Therapeutics SA](https://www.sec.gov/Archives/edgar/data/1771910/000095010325007061/dp229762_0301.htm) | 8-K | 001-39071 | 3.1 | June 5, 2025 |
| 4.2 | [Letter Agreement, dated January 18, 2024, between ADC Therapeutics SA and Redmile LLC](https://www.sec.gov/Archives/edgar/data/1771910/000095010324001047/dp205528_ex1001.htm) | 8-K | 001-39071 | 10.1 | January 24, 2024 |
| 4.3 | [Form of Securities Purchase Agreement](https://www.sec.gov/Archives/edgar/data/1771910/000095010325007282/dp230070_ex1001.htm) | 8-K | 001-39071 | 10.1 | June 12, 2025 |
| 4.4 | [Form of Pre-Funded Warrant](https://www.sec.gov/Archives/edgar/data/1771910/000095010325007282/dp230070_ex1002.htm) | 8-K | 001-39071 | 10.2 | June 12, 2025 |
| 5.1 | [Opinion of Homburger AG, Swiss counsel of ADC Therapeutics SA](dp230854_ex0501.htm) |  |  |  |  |
| 23.1 | [Consent of PricewaterhouseCoopers SA, independent registered public accounting firm](dp230854_ex2301.htm) |  |  |  |  |
| 23.2 | [Consent of Homburger AG, Swiss counsel of ADC Therapeutics SA (included in Exhibit 5.1)](dp230854_ex0501.htm) |  |  |  |  |
| 24.1 | [Powers of attorney (included on signature page to the registration statement)](#poa) |  |  |  |  |
| 107 | [Filing fee table](dp230854_exfilingfees.htm) |  |  |  |  |

---

**Item 17. Undertakings**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided*, *however*, that paragraphs (a)(1), (a)(2) and (a)(3) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for purposes of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof;

**[**Table of Contents**](#toc)** 

&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the
Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) that, for the purpose of determining liability of the registrant
under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in
a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**[**Table of Contents**](#toc)** 

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless, in the opinion of its counsel, the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**[**Table of Contents**](#toc)** 

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the municipality of Epalinges, Switzerland on June 30, 2025.

---

| | | |
|:---|:---|:---|
| ADC THERAPEUTICS SA | ADC THERAPEUTICS SA | ADC THERAPEUTICS SA |
| By: | /s/ Ameet Mallik | /s/ Ameet Mallik |
|  | Name: | Ameet Mallik |
|  | Title: | Chief Executive Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Ameet Mallik, Jose "Pepe" Carmona and Peter J. Graham and each of them, individually, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and stead in any and all capacities, in connection with this registration statement, including to sign in the name and on behalf of the undersigned, this registration statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons on June 30, 2025 in the capacities indicated:

---

| | |
|:---|:---|
| **Name** | **Title** |
| /s/ Ameet Mallik<br>Ameet Mallik<br>| Chief Executive Officer and Director<br>(principal executive officer)<br>|
| /s/ Jose "Pepe" Carmona<br>Jose "Pepe" Carmona<br>| Chief Financial Officer<br>(principal financial officer)<br>|
| /s/ Lisa Kallebo<br>Lisa Kallebo<br>| Corporate Controller and Chief Accounting Officer<br>(principal accounting officer)<br>|
| /s/ Ron Squarer<br>Ron Squarer<br>| Chairman of the Board of Directors |
| /s/ Robert Azelby<br>Robert Azelby<br>| Director<br>|
| /s/ Jean-Pierre Bizzari<br>Jean-Pierre Bizzari<br>| Director |
| /s/ Timothy Coughlin<br>Timothy Coughlin<br>| Director |
| /s/ Peter Hug<br>Peter Hug<br>| Director |
| /s/ Viviane Monges<br>Viviane Monges<br>| Director |
| /s/ Tyrell J. Rivers<br>Tyrell J. Rivers<br>| Director |
| /s/ Victor Sandor<br>Victor Sandor<br>| Director |
| /s/ Jose "Pepe" Carmona<br>Jose "Pepe" Carmona<br>| Authorized Representative in the United States |
| ADC Therapeutics America, Inc. |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](image_005.jpg)

ADC Therapeutics SA Biopôle Route de la Corniche 3 B 1066 Epalinges Switzerland Homburger AG Prime Tower Hardstrasse 201 CH-8005 Zürich homburger.ch<br> T +41 43 222 10 00

June 30, 2025

**ADC Therapeutics SA – Registration Statement on Form S-3 – Exhibit 5.1**

Ladies and Gentlemen

We have acted as special Swiss counsel to ADC Therapeutics SA, a stock corporation incorporated under the laws of Switzerland (the **Company**), in connection with the filing of the registration statement on Form S-3 (the **Registration Statement**) filed with the United States Securities and Exchange Commission (the **SEC**) on the date hereof for the purpose of registering under the Securities Act of 1933, as amended (the **Securities Act**), the offer and sale by the selling shareholders named in the Registration Statement of up to 27,726,052 common shares of the Company consisting of (i) 11,991,785 common shares of the Company, each with a nominal value of CHF 0.08 (the **Common Shares**), and (ii) 15,734,267 common shares with a nominal value of CHF 0.08 (the **Warrant Shares**) issuable upon exercise of pre-funded warrants issued by the Company to purchase the Warrant Shares (the **Pre-Funded Warrants**). As such counsel, we have been requested to give our opinion as to certain legal matters of Swiss law.

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Documents (as defined below).

![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;I. Basis of Opinion

This opinion is confined to and given on the basis of the laws of Switzerland in force at the date hereof. Such laws and the interpretation thereof are subject to change. This opinion is also confined to the matters stated herein and the Documents (as defined below), and is not to be read as extending, by implication or otherwise, to any agreement or other document referred to in any of the Documents or any other matter.

For purposes of this opinion, we have not conducted any due diligence or similar investigation as to factual circumstances that are or may be referred to in the Documents, and we express no opinion as to the accuracy of representations and warranties of facts set out in the Documents or the factual background assumed therein.

For purposes of this opinion, we have only reviewed the following documents (collectively, the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;(a) an electronic copy of the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;(b) electronic copies of the Pre-Funded Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(c) an electronic copy of the resolutions of the board of directors of the Company dated May 29, 2025 (the **Private Placement Board Resolution**), regarding, *inter alia*, (i) the approval of the offering and sale of the Common Shares and the Pre-Funded
Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(d) an electronic copy of the resolutions of the Pricing Committee dated June 11, 2025, determining the number and offer price of the
Common Shares and the Pre-Funded Warrants (the **Pricing Committee Resolution,** and together with the Private Placement Board Resolution,
the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;(e) an electronic copy of a certified excerpt from the Commercial Register of the Canton of Vaud dated June
13, 2025, relating to the Company (the **Excerpt**); and

&nbsp;&nbsp;&nbsp;&nbsp;(f) an electronic copy of the articles of association (*statuts*) of the Company dated June 12, 2025
(the **Articles**).

No documents have been reviewed by us in connection with this opinion other than the Documents. Accordingly, we shall limit our opinion to the Documents and their legal implications under Swiss law.

In this opinion, Swiss legal concepts are expressed in English terms and not in their original language. These concepts may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. With respect to Documents governed by laws other than the laws of Switzerland, for purposes of this opinion we have relied on the plain meaning of the words and expressions contained therein without regard to any import they may have under the relevant governing law.

&nbsp;&nbsp;&nbsp;&nbsp;II. Assumptions

In rendering the opinions below, we have assumed the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) all documents produced to us as originals are authentic and complete, and all documents produced to us
as copies (including, without limitation, electronic copies) conform to the original;

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&nbsp;&nbsp;&nbsp;&nbsp;(b) all documents produced to us as originals and the originals of all documents produced to us as copies
were duly executed and certified, as applicable, by the individuals purported to have executed or certified, as the case may be, such
documents, and any electronic signatures on any such document have been affixed thereto by the individual to whom such electronic signature
belongs and such individual has saved and submitted such document as so electronically signed in such a manner so as to prevent removal
or other alteration of such signature;

&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures appearing on all original documents or copies thereof which we have examined are genuine
and authentic;

&nbsp;&nbsp;&nbsp;&nbsp;(d) the Registration Statement has been duly filed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;(e) the parties to the Pre-Funded Warrants (other than the Company) are duly incorporated or formed, as applicable,
and organized and validly existing under the laws of their respective jurisdiction of incorporation or formation, as applicable, and have
the requisite capacity, power and authority to execute, deliver, where applicable, and perform their obligations as provided in the Pre-Funded
Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(f) the Pre-Funded Warrants are within the capacity and power of, have been duly authorized, executed and
delivered by, and are binding on, all parties thereto other than the Company (with respect to Swiss law);

&nbsp;&nbsp;&nbsp;&nbsp;(g) to the extent relevant for purposes of this opinion, all parties to the Pre-Funded Warrants have performed
and will perform all obligations by which they are respectively bound under the Pre-Funded Warrants, and all parties to the Pre-Funded
Warrants are in compliance with all matters of validity and enforceability under any law other than, in the case of the Company and with
respect to the Company, the laws of Switzerland;

&nbsp;&nbsp;&nbsp;&nbsp;(h) as far as any obligation under the Pre-Funded Warrants are required to be performed in, or by a party
organized under the laws of, any jurisdiction outside of Switzerland, its performance will not be illegal or unenforceable by virtue of
the laws of such jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(i) the parties to the Pre-Funded Warrants entered into the Pre-Funded Warrants for *bona fide* commercial
reasons and on arm's length terms, and none of the directors, officers or agents of any such party has or had a conflict of interest with
such party in respect of the Documents that would preclude such director, officer or agent from validly representing (or granting a power
of attorney in respect of the Documents for) such party;

&nbsp;&nbsp;&nbsp;&nbsp;(j) the Excerpt and the Articles are correct, complete and up-to-date as of the date hereof and no changes
have been made that should have been or should be reflected in the Excerpt or the Articles as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;(k) the Board Resolutions (i) have been duly adopted in meetings duly convened and otherwise in the manner
set forth therein, (ii) have not been amended, and (iii) are in full force and effect;

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&nbsp;&nbsp;&nbsp;&nbsp;(l) each party to the Documents (other than the Company) is a corporation or other legal entity duly organized
and validly existing and in good standing (if applicable) under the laws of the jurisdiction of its incorporation and/or establishment
and none of the parties to the Documents (other than the Company) has passed or, until the issuance (if applicable) of all Warrant Shares
not yet issued, will have passed a voluntary winding-up resolution; no petition has been, or, until the issuance of all Warrant Shares
not yet issued, will be presented or order made by a court for the winding-up, dissolution, bankruptcy or administration of any party
(other than the Company); and no receiver, trustee in bankruptcy, administrator or similar officer has been or, until the issuance of
all Warrant Shares not yet issued, will have been appointed in relation to any of the parties (other than the Company) or any of their
assets or revenues;

&nbsp;&nbsp;&nbsp;&nbsp;(m) except as expressly opined upon herein, and to the extent relevant for purposes of this opinion, all information
and confirmations contained in the Documents, and all material statements made to us in connection with the Documents, are true and accurate;

&nbsp;&nbsp;&nbsp;&nbsp;(n) there are no provisions of the laws of any jurisdiction other than Switzerland that may affect the opinions
expressed herein;

&nbsp;&nbsp;&nbsp;&nbsp;(o) the Registration Statement is unchanged and correct, complete and up-to-date and in full force and effect
as of the date hereof and no changes have been made which should have been or should be reflected in the Registration Statement as of
the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;(p) the Company has not entered and will not enter into any transaction which could be construed as repayment
of share capital (*restitution des versements*); and

&nbsp;&nbsp;&nbsp;&nbsp;(q) all authorizations, approvals, consents, licenses, exemptions, other than as required by mandatory Swiss
law applicable to the Company or the Articles, and other requirements for the filing of the Registration Statement or for any other activities
carried on in view of, or in connection with, the performance of the obligations expressed to be undertaken by the Company in the Registration
Statement have been duly obtained or fulfilled in due time and are and will remain in full force and effect, and any related conditions
to which the parties thereto are subject have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;III. Opinion

Based on the foregoing and subject to the qualifications set out below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Common Shares are validly issued in the form of uncertificated
securities (*droits-valeurs*), fully paid-in as to their nominal value and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Warrant Shares to be issued upon exercise of the Pre-Funded Warrants, if and when issued and paid
for pursuant to the Articles, the Pre-Funded Warrants and Swiss law—in particular after the exercise notice has been given (if applicable)
and the issue price for such Warrant Shares has been paid-in in accordance with the Articles, the Pre-Funded Warrants and Swiss law and upon registration of the corresponding share capital increase in the Commercial Register of the Canton of Vaud (if applicable)—and
if and when such Warrant Shares have been entered into the Company's book of uncertificated securities, will be validly issued in the
form of uncertificated securities (*droits-valeurs*), fully paid-in as to their nominal value and non-assessable.

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![](image_006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;IV. Qualifications

The above opinions are subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The lawyers of our firm are members of the Zurich bar and do not hold themselves out to be experts in
any laws other than the laws of Switzerland. Accordingly, we are opining herein as to Swiss law only, based on our independent professional
judgment, and we express no opinion with respect to the applicability or the effect of the laws of any other jurisdiction to or on the
matters covered herein.

&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this opinion, the terms "enforceable" and "enforceability" mean that the
relevant obligation or provision is of a type enforced by the Swiss courts in accordance with, and subject to, the rules of procedure
applicable in Switzerland. It is not certain, however, that the Pre-Funded Warrants will be enforced in accordance with its terms in every
circumstance. In particular, enforceability of the Pre-Funded Warrants may be limited by applicable bankruptcy, insolvency, reorganization
or similar laws affecting the rights of creditors in general (including, without limitation, the provisions relating to voidable preferences
as set forth in articles 285 et seq. of the Swiss Federal Debt Enforcement and Bankruptcy Act of April 11, 1889, as amended), laws or
principles of general application (including, but not limited to, the abuse of rights (*abus de droit*) and the principle of good
faith (*principe de la bonne foi*), and public policy, as defined in articles 17-19 of the Swiss Private International Law Act of
December 18, 1987, as amended (the **Private International Law Act**).

Enforcement before the courts of Switzerland will in any event be subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the nature of the remedies available in the Swiss courts (and nothing in this opinion should be taken
as indicating that specific performance (other than for the payment of a sum of money) or injunctive relief would be available as remedies
for the enforcement of such obligations); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the acceptance of such courts of jurisdiction and the power of such courts to stay proceedings if concurrent
proceedings are being brought elsewhere.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Under Swiss law, jurisdiction clauses may have no effect with regard to actions relating to, or deemed
to be brought in connection with, insolvency procedures, which, as a rule, must be brought before the court at the place of the relevant
insolvency procedure.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Rights and claims may become barred under statutes of limitation or prescription, or may be or become
subject to available defenses such as set-off, counterclaim, misrepresentation, material error, frustration, overreaching, duress or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Swiss courts do not consider themselves bound by contractual severability provisions or provisions stating
that an agreement may only be amended in writing.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Under Swiss law, a notice sent but not actually received may be considered not to have been properly given,
and a document required to be signed or to be made in writing may not constitute a valid document if only transmitted by fax, e-mail or
similar telecommunication.

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&nbsp;&nbsp;&nbsp;&nbsp;(g) Swiss courts interpret and construe an agreement in accordance with the principle of good faith (*interprétation des contrats d'après les règles de la bonne foi*) and, in doing so, may consider elements in addition to the wording
of the relevant provisions of such agreement, including, without limitation, the circumstances under which such agreement was entered
into and the real intention of the parties thereto as mutually understood or as to be understood in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;(h) In making references to the terms of the Pre-Funded Warrants, no opinion is expressed as to whether and
to what extent these are sufficiently specified or leave room for interpretation which may, as the case may be, become a matter of the
discretion of the courts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Where a party to the Pre-Funded Warrants are vested with discretion, Swiss law may require that such discretion
is exercised on reasonable grounds. Moreover, a determination, calculation, statement or certification as to any matter may be held by
a Swiss court not to be final, conclusive or binding if such determination, calculation, statement or certification were shown to have
an unreasonable, incorrect or arbitrary basis or not to have been given or made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;(j) While Swiss courts have generally the power to grant judgments ordering specific performance of an agreement,
such remedy may not always be available for the enforcement of an obligation other than for the payment of a sum of money.

&nbsp;&nbsp;&nbsp;&nbsp;(k) The enforceability in Switzerland of a foreign judgment rendered against the Company is subject to the
limitations set forth in (x) bilateral and international treaties by which Switzerland is bound (including, but not limited to, the Convention
on Jurisdiction and Enforcement of Judgments in Civil and Commercial Matters of October 30, 2007 (the **Lugano Convention**)), and
(y) the Private International Law Act. In particular, and without limitation to the foregoing, a judgment rendered by a foreign court
may only be enforced in Switzerland if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of sub-clause (y) above and, in certain exceptional cases, sub-clause (x) above,
such foreign court had jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such judgment has become final and non-appealable, or, in the case of sub-clause (x) above, has become
enforceable at an earlier stage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the court procedures leading to such judgment followed the principles of due process of law, including
proper service of process, subject to special provisions provided for by bilateral and international treaties by which Switzerland is
bound (including, but not limited to, the Lugano Convention);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such judgment on its merits does not violate Swiss law principles of public policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from a Swiss law perspective, such foreign procedure does not formally or functionally qualify as an insolvency-related,
administrative or criminal procedure.

&nbsp;&nbsp;&nbsp;&nbsp;(l) A judgment given by a Swiss court in respect of proceedings instituted before it based on a claim for
currencies other than Swiss francs may be expressed in such currency, if so requested. Enforcement of a claim or court judgment under
Swiss debt collection or bankruptcy proceedings may only be made in Swiss francs and any foreign currency amount must accordingly be converted
into Swiss francs in accordance with the applicable rules.

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&nbsp;&nbsp;&nbsp;&nbsp;(m) When used in this opinion, the term "non-assessable" means that no further contributions have
to be made by the relevant holder of the shares.

&nbsp;&nbsp;&nbsp;&nbsp;(n) The exercise of voting rights and rights related thereto with respect to any Common Shares or Warrant
Shares is only permissible after registration in the Company's share register as a shareholder with voting rights in accordance with the
provisions of, and subject to the limitations provided in, the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;(o) We express no opinion as to whether the Registration Statement is accurate, true, correct, complete or
not misleading. In particular, and without limitation to the foregoing, we express no opinion on whether the Registration Statement provides
sufficient information for investors to reach an informed assessment of the Company, any companies within the Company's consolidation
perimeter, and/or the Common Shares, Pre-Funded Warrants or Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(p) We express no opinion as to tax, banking, insurance or regulatory matters or as to any commercial, accounting,
calculating, auditing or other non-legal matter.

\* \* \*

We have issued this opinion as of the date hereof and we assume no obligation to advise you of any changes in fact or in law that are made or brought to our attention hereafter.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and further consent to the reference to our name under the caption "Legal Matters" in the Prospectus. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

This opinion is governed by and shall be construed in accordance with the laws of Switzerland.

[*signature page follows*]

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Sincerely yours,

/s/ Homburger AG

Homburger AG

## Exhibit 23.1

**Exhibit 23.1**

![](image_008.jpg)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in this Registration Statement on Form S-3 of ADC Therapeutics SA of our report dated March 27, 2025 relating to the financial statements, which appears in ADC Therapeutics SA's Annual Report on Form 10-K for the year ended December 31, 2024. We also consent to the reference to us under the heading "Experts "in such Registration Statement.

---

| | |
|:---|:---|
| /s/ Alex Fuhrer | /s/ Demyan Vlaev |
| Alex Fuhrer  | Demyan Vlaev |

---

Lausanne, Switzerland<br> June 30, 2025

PricewaterhouseCoopers SA, Avenue de la Rasude 5, 1006 Lausanne

Téléphone : +41 58 792 81 00, www.pwc.ch

PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and Independent legal entity**.**

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Tables**

**S-3**

(Form Type)

**ADC Therapeutics SA**

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u> 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Security Type | Security Class Title | Fee Calculation or Carry Forward Rule | Amount Registered | Proposed Maximum Offering Price Per Unit (1) | Maximum Aggregate Offering Price | Fee Rate | Amount of Registration Fee | Carry Forward Form Type | Carry Forward File Number | Carry Forward Initial Effective Date | Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Fees to be Paid | Equity | Common Shares | 457(c) | 27726052 (2) | $2.855 | $79157878.46 | 0.00015310 | $12119.07 |  |  |  |  |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $79157878.46 |  | $12119.07 |  |  |  |  |
|  | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  | $0 |  |  |  |  |
|  | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | $0 |  |  |  |  |
|  | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $12119.07 |  |  |  |  |

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(1) Pursuant to Rule 457(c) under the Securities Act, and solely for the purpose of calculating the registration fee, the proposed maximum offering price per share is the average of the high and low sale prices for common shares as reported on the New York Stock Exchange on June 24, 2025.

(2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, the Registrant is also registering hereunder an indeterminate number of common shares that may be issued in connection with anti-dilution provisions or stock splits, stock dividends or similar transactions.