BioNTech cuts share offering and lowers proposed range to $15 to $16
BioNTech, a German biotech developing individualized immunotherapies for cancer, lowered the proposed deal size for its upcoming US IPO on Wednesday.
The Mainz, Germany-based company now plans to raise $155 million by offering 10 million ADSs at a price range of $15 to $16. The company had previously filed to offer 13.2 million shares at a range of $18 to $20. At the midpoint of the revised range, BioNTech will raise 38% less in proceeds than previously anticipated and would command a market value of $3.6 billion.
BioNTech was founded in 2008 and booked $149 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol BNTX. J.P. Morgan, BofA Merrill Lynch, UBS Investment Bank, SVB Leerink, Canaccord Genuity, Bryan, Garnier & Co and Berenberg Bank are the joint bookrunners on the deal. It is expected to price on Wednesday, October 9, 2019.
The article BioNTech cuts share offering and lowers proposed range to $15 to $16 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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