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.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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