Switzerland

On February 23, 2026, ADC Therapeutics SA (NYSE: ADCT) announced that it had amended its royalty purchase agreement with entities managed by HealthCare Royalty. As consideration for reducing change of control payment from USD 750 m to USD 150 m to USD 200 m, HealthCare Royalty has received warrants to purchase approximately 9.8 m common shares of ADC Therapeutics at an exercise price of USD 3.81 per share. Homburger advised ADC Therapeutics on the Swiss law aspects of the transaction. The Homburger team was led by Daniel Häusermann and included Estelle Piccard and Anina Preusker (all Corporate / M&A, Capital Markets).     Contact Wanda Schweda / Marketing / [email protected]

On February 18, 2026, the State of North Rhine-Westphalia successfully completed its issuance of (i) CHF 100 m in aggregate principal amount of 0.3675 per cent. State Treasury Notes due February 18, 2031, (ii) CHF 175 m in aggregate principal amount of 0.7700 per cent. State Treasury Notes due February 18, 2036, and (iii) CHF 190 m in aggregate principal amount of 1.0650 per cent.  State Treasury Notes due February 18, 2044 under its Debt Issuance Programme. The State Treasury Notes are governed by German law, and the State Treasury Notes have been provisionally admitted to trading, and application has been made for definitive admission to trading and listing of the Notes, on the SIX Swiss Exchange. Homburger advised Raiffeisen Schweiz Genossenschaft with respect to all regulatory and transactional aspects of Swiss law. The Homburger team was led by Benjamin Leisinger (Capital Markets) and included Sofiya Shavlak (Capital Markets) as well as Stefan Oesterhelt (Tax). Contact Wanda Schweda / Marketing / [email protected]

On March 2, 2026, Zurich Insurance Group Ltd (SIX: ZURN) announced the launch of an accelerated bookbuilding offering, which led to the successful placement of 7,090,909 newly issued shares at an offer price of CHF 550 per offered share, raising aggregate gross proceeds of approximately CHF 3.9 bn. Zurich intends to use the net proceeds from the capital increase to partly finance the acquisition of Beazley plc. The offering was conducted by way of (i) a placement to professional investors in Switzerland or in any other circumstances relying on an exemption from the obligation to publish a prospectus under the Swiss Financial Services Act, (ii) private placements in certain jurisdictions outside of Switzerland and the United States, and (iii) private placements within the United States to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act. Goldman Sachs, Morgan Stanley and UBS acted as Joint Global Coordinators and Bookrunners, Citigroup and Deutsche Bank acted as Joint Bookrunners as well, and Crédit Agricole and Zürcher Kantonalbank acted as Co-Lead Managers in connection with the offering. Homburger advised Zurich on all aspects of Swiss corporate and capital markets law. The Homburger team was led by Hansjürg Appenzeller (Corporate / M&A, Capital Markets, Insurance) and Lorenzo Togni (Capital Markets) and included Matthias Müller (Corporate / M&A) as well as Fabrice Eckert (Insurance, Financing). Dieter Grünblatt and Arbnor Sheholli provided tax advice. Contact Wanda Schweda / Marketing / [email protected]

On March 2, 2026, Zurich Insurance Group Ltd (SIX: ZURN) announced its recommended all-cash offer for the entire issued and to be issued share capital of Beazley plc (Beazley). The transaction combines two highly complementary businesses, accelerating Zurich’s strategy to create the global leader in Specialty insurance. It is intended that the cash consideration for the Beazley shares will be satisfied by applying drawings from the new debt facilities, alongside existing cash resources and proceeds from Zurich Insurance Group Ltd’s recent equity raise. Homburger advised Zurich with respect to all Swiss law aspects of this new debt financing. The Homburger team was led by Stefan Bindschedler (Financing) and Hansjürg Appenzeller (Corporate / M&A, Insurance) and included Fabrice Eckert (Insurance, Financing) and Matthias Müller (Corporate / M&A). Dieter Grünblatt and Arbnor Sheholli provided tax advice.   Contact Wanda Schweda / Marketing / [email protected]