Redmile-managed funds trim ADC Therapeutics (ADCT) stake with 5.9M-share sale

Rhea-AI Filing Summary

ADC Therapeutics SA major shareholder entities managed by Redmile Group reported significant open-market sales of common stock. Across March 31–April 2, 2026, they sold a combined 5,880,415 shares in multiple transactions at weighted average prices around $3.28–$3.80 per share.

After the last reported trades, one line of indirect holdings shows 12,666,731 shares and one line of direct holdings shows 10,265,297 shares of common stock. The footnotes state that these securities are directly owned by private investment vehicles, including RedCo II Master Fund, L.P., managed by Redmile Group, LLC, and may be deemed beneficially owned by Redmile and by Jeremy Green as Redmile’s principal, with beneficial ownership disclaimed beyond their pecuniary interest.

Insights

Equity ownership & insider-transactions analyst

Large Redmile-managed holder reports multi-day net share sales in ADCT.

Entities managed by Redmile Group, LLC, including RedCo II Master Fund, L.P., reported open-market sales totaling 5,880,415 ADC Therapeutics common shares over March 31–April 2, 2026. Reported weighted average prices ranged from about $3.28 to $3.80 per share.

These are pure common-stock sales (code S), not option exercises or tax withholdings, so they reduce the reporting group’s equity exposure. Post-transaction figures show 12,666,731 shares in one indirect account and 10,265,297 shares in one direct account, indicating a substantial remaining position.

The footnotes clarify that the securities are directly owned by private investment vehicles, including RedCo II Master Fund, with Redmile as investment manager and Jeremy Green as principal, and that they each disclaim beneficial ownership beyond pecuniary interest. This framing highlights that the transactions are at the fund level rather than personal trading by an operating executive.

Insider Trade Summary

Net Seller: 5,880,415 shares ($19,636,340)

Net Sell 6 txns

Insider Redmile Group, LLC, Green Jeremy, RedCo II Master Fund, L.P.

Role 10% Owner | 10% Owner | 10% Owner

Sold 5,880,415 shs ($19.64M)

Type	Security	Shares	Price	Value
Sale	Common Stock	2,634,506	$3.279	$8.64M
Sale	Common Stock	2,529,491	$3.279	$8.29M
Sale	Common Stock	169,265	$3.799	$643K
Sale	Common Stock	162,517	$3.799	$617K
Sale	Common Stock	196,229	$3.752	$736K
Sale	Common Stock	188,407	$3.752	$707K

Holdings After Transaction: Common Stock — 12,666,731 shares (Indirect, See Footnote); Common Stock — 10,265,297 shares (Direct)

Footnotes (1)

1. These securities are directly owned by certain private investment vehicles managed by Redmile Group, LLC ("Redmile"), including RedCo II Master Fund, L.P., and may be deemed beneficially owned by Redmile as investment manager of such private investment vehicles. The reported securities may also be deemed beneficially owned by Jeremy Green as the principal of Redmile. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose. These securities are directly owned by RedCo II Master Fund, L.P. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.63 to $3.81, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.70 to $3.83, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.25 to $3.77, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

Key Figures

Total shares sold: 5,880,415 shares Weighted average sale price (Mar 31): $3.752 per share Weighted average sale price (Apr 1): $3.799 per share +3 more

6 metrics

Total shares sold 5,880,415 shares Aggregate open-market common stock sales March 31–April 2, 2026

Weighted average sale price (Mar 31) $3.752 per share Common stock open-market sales on March 31, 2026

Weighted average sale price (Apr 1) $3.799 per share Common stock open-market sales on April 1, 2026

Weighted average sale price (Apr 2) $3.279 per share Common stock open-market sales on April 2, 2026

Indirect holdings after sales 12,666,731 shares One reported indirect ADC Therapeutics common stock position after April 2, 2026 trades

Direct holdings after sales 10,265,297 shares One reported direct ADC Therapeutics common stock position after April 2, 2026 trades

Key Terms

open-market sale, ten percent owner, beneficial ownership, pecuniary interest, +1 more

5 terms

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

ten percent owner regulatory

""is_ten_percent_owner": 1"

beneficial ownership regulatory

"may be deemed beneficially owned by Redmile as investment manager"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest regulatory

"disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein"

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Redmile Group, LLC

(Last) (First) (Middle)

900 LARKSPUR LANDING CIRCLE,

SUITE 270

(Street)

LARKSPUR CALIFORNIA 94939

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ADC Therapeutics SA [ ADCT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/31/2026		S		196,229	D	$3.752(3)	15,470,502	I	See Footnote(1)
Common Stock	03/31/2026		S		188,407	D	$3.752(3)	12,957,305	D(2)
Common Stock	04/01/2026		S		169,265	D	$3.799(4)	15,301,237	I	See Footnote(1)
Common Stock	04/01/2026		S		162,517	D	$3.799(4)	12,794,788	D(2)
Common Stock	04/02/2026		S		2,634,506	D	$3.279(5)	12,666,731	I	See Footnote(1)
Common Stock	04/02/2026		S		2,529,491	D	$3.279(5)	10,265,297	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Redmile Group, LLC

(Last) (First) (Middle)

900 LARKSPUR LANDING CIRCLE,

SUITE 270

(Street)

LARKSPUR CALIFORNIA 94939

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Green Jeremy

(Last) (First) (Middle)

C/O REDMILE GROUP, LLC (NY OFFICE)

45 W. 27TH STREET, FLOOR 11

(Street)

NEW YORK NEW YORK 10001

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

RedCo II Master Fund, L.P.

(Last) (First) (Middle)

C/O REDMILE GROUP, LLC

900 LARKSPUR LANDING CIRCLE, SUITE 270

(Street)

LARKSPUR CALIFORNIA 94939

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These securities are directly owned by certain private investment vehicles managed by Redmile Group, LLC ("Redmile"), including RedCo II Master Fund, L.P., and may be deemed beneficially owned by Redmile as investment manager of such private investment vehicles. The reported securities may also be deemed beneficially owned by Jeremy Green as the principal of Redmile. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or for any other purpose.

2. These securities are directly owned by RedCo II Master Fund, L.P.

3. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.63 to $3.81, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.70 to $3.83, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $3.25 to $3.77, inclusive. The Reporting Persons undertake to provide upon request by the staff of the Securities and Exchange Commission, the Issuer or a security holder of the Issuer full information regarding the number of shares purchased at each separate price.

Remarks:

The sales reported herein were effected within a period of less than six months from the purchases of pre-funded warrants to purchase the Issuers' Common Stock reported in the Form 4 filed by the Reporting Persons on October 28, 2025. However, the sales reported herein were effected at a price lower than the previous purchases that were reported in the Form 4 filed on October 28, 2025, such that no profits have been earned by the Reporting Persons, and so the Reporting Persons have no additional liability under Section 16(b).

	By: /s/ Jeremy Green, Managing Member of Redmile Group, LLC	04/02/2026
	/s/ Jeremy Green, Managing Member of RedCo II (GP), LLC, the General Partner of RedCo II Master Fund, L.P.	04/02/2026
	/s/ Jeremy Green	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Redmile-related entities report in the latest ADC Therapeutics (ADCT) Form 4?

Redmile-managed investment vehicles reported selling 5,880,415 ADC Therapeutics common shares in open-market transactions. These sales occurred over March 31–April 2, 2026, at weighted average prices between about $3.28 and $3.80 per share, reducing but not eliminating their overall share position.

Over what dates did the ADCT insider sales by Redmile-related entities occur?

The reported ADCT insider sales occurred across three trading days: March 31, April 1, and April 2, 2026. Each day included both direct and indirect transactions in common stock, all coded as open-market or private sales under SEC transaction code S.

How many ADC Therapeutics shares did Redmile-related entities sell according to the Form 4?

According to the filing’s transaction summary, entities managed by Redmile Group sold 5,880,415 ADC Therapeutics common shares. This total aggregates six open-market sale transactions in common stock reported over the three days covered by the Form 4 disclosure.

What share prices were reported for the recent ADCT insider sales?

The filing shows weighted average sale prices of $3.75, $3.799, and $3.279 per share for different trading days. Footnotes explain that each price reflects multiple trades within narrower intraday ranges, and detailed breakdowns are available upon request to the reporting persons.

Do Redmile Group and Jeremy Green personally own the ADCT shares sold?

The securities are directly owned by private investment vehicles, including RedCo II Master Fund, L.P., managed by Redmile Group. The filing states Redmile and Jeremy Green may be deemed beneficial owners but expressly disclaim beneficial ownership beyond their pecuniary interests in those investment vehicles.

How many ADC Therapeutics shares remain held after these Redmile-related sales?

Post-transaction figures in the Form 4 show one line of indirect holdings at 12,666,731 common shares and one line of direct holdings at 10,265,297 common shares. These numbers come from the position columns following the final reported sales on April 2, 2026.