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# Bain Capital Life Sciences Fund Reports 9.99% Passive Stake In ADC Therapeutics
- URL: https://www.bullished.co/bain-capital-life-sciences-fund-reports-9-99-passive-stake-in-adc-therapeutics-68037e23/
- Published: 2026-10-29T22:16:02.000Z
- Updated: 2026-10-29T22:16:02.000Z
- Description: The fund counts warrants toward the position, and a blocker stops it from crossing 9.99% of the shares outstanding.
- Author: Matteo Parrino
- Tags: SEC Filings, ADCT, Industry: Healthcare

A Bain Capital life sciences fund may be deemed to own [9.99% of ADC Therapeutics](https://www.sec.gov/Archives/edgar/data/0002015553/000119312526438199/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co), or 14,825,625 common shares as of October 22, 2026, according to a passive ownership disclosure filed Thursday. [ADC Therapeutics](https://www.bullished.co/tag/adct/) develops cancer drugs and sells the lymphoma treatment ZYNLONTA.

## Shares plus warrants, capped by a blocker

The filer, Bain Capital Life Sciences Opportunities IV, L.P., held [7,000,000 common shares](https://www.sec.gov/Archives/edgar/data/0002015553/000119312526438199/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) and pre-funded warrants to buy up to 22,703,927 more. A beneficial-ownership blocker bars any exercise that would lift it above 9.99% of the shares then outstanding.

The 9.99% therefore counts 7,825,625 shares issuable on a partial exercise of the warrants. The base is 127,667,695 shares outstanding as of August 3, 2026, per ADC's quarterly report, plus 12,911,347 shares the company sold in a private placement on October 22.

The fund reports shared voting power over all 14,825,625 shares and none solely. It certified that it did not acquire the shares to change or influence control of the company. Bain Capital Life Sciences Investors, LLC manages the fund's general partner chain and may be deemed to share voting and dispositive power over the fund's holdings.

## A lymphoma drugmaker with global partners

ADC Therapeutics, based in Epalinges, Switzerland, makes antibody drug conjugates, which pair a tumor-targeting antibody with a toxin that kills cancer cells. ZYNLONTA treats relapsed or refractory diffuse large B-cell lymphoma after two or more lines of systemic therapy, with US accelerated approval and conditional approvals in the EU, China and Canada.

The company sells the drug itself in the US. Abroad it relies on Tanabe Pharma in Japan, a joint venture with Overland Pharmaceuticals in China, Singapore and Taiwan, and Sobi elsewhere. Its market value was $207 million as of Thursday's report.

## Japan filing follows the same day

Tanabe Pharma [filed for Japanese marketing authorization](https://markets.ft.com/data/announce/detail?dockey=600-202610290730PR%5FNEWS%5FUSPRX%5F%5F%5F%5FNY84209-1&ref=bullished.co) for ZYNLONTA on October 29, the company said. Tanabe has also signed a sublicensing deal with Nippon Shinyaku to commercialize the drug in Japan.

Japan's regulators must now accept Tanabe's ZYNLONTA application, a milestone the company said is due under the existing license agreement.

### Sources

- [SCHEDULE 13G — Bain Capital Life Sciences Opportunities IV, L.P. re: ADC Therapeutics SA (ADCT)](https://www.sec.gov/Archives/edgar/data/0002015553/000119312526438199/xslSCHEDULE%5F13G%5FX01/primary%5Fdoc.xml?ref=bullished.co) — SEC EDGAR
- [ADC Therapeutics Announces ZYNLONTA® Updates in Japan – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610290730PR%5FNEWS%5FUSPRX%5F%5F%5F%5FNY84209-1&ref=bullished.co) — Financial Times

### More on ADC Therapeutics

- [ADC Therapeutics Plans $86.6 Million Share Sale, Cuts Loan To $50.0 Million, Drops $150 Million Change-Of-Control Payment](https://www.bullished.co/adc-therapeutics-plans-86-6-million-share-sale-cuts-loan-to-50-0-million-drops-150-million-6a85af48/)

[All ADC Therapeutics (ADCT) coverage →](https://www.bullished.co/tag/adct/)