argenx, which is developing antibody therapies for rare autoimmune diseases and cancer, raised the proposed deal size for its upcoming IPO on Tuesday.
The Breda, Netherlands-based company now plans to raise $83 million by offering 5.0 million ADSs at a price of $16.62, the converted price of its shares on the Euronext Brussels (ARGX; €15.15). The company initially launched its US IPO on May 8, planning to offer 3.6 million ADSs when its shares traded at $18.18 (€16.59). With the new primary shares, argenx will raise 27% more in proceeds than previously anticipated, at a fully diluted market cap of $436 million.
The company's SIMPLE Antibody Platform is based on the llama immune system. Its candidates target the rare autoimmune disease myasthenia gravis as well as rare and aggressive hematological cancers.
argenx was founded in 2008 and plans to list on the Nasdaq under the symbol ARGX. Cowen & Company and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of May 15, 2017.
The article argenx, a rare disease biotech harnessing llama DNA, raises proposed IPO deal size to $83 million originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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