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Biotech Pfenex prices IPO at $6, below downwardly revised $8 expectation

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Pfenex, which is developing a biosimilar version of Roche's Lucentis treatment for wet AMD, raised $50 million by offering 8.3 million shares at $6, below its downwardly revised $8 price expectation. The San Diego, CA-based company had initially planned to raise $65 million by offering 5.0 million shares at $12-$14 range before revising its terms last Thursday to 8.1 million shares at $8.

At $6, Pfenex now has a fully diluted market cap of $118 million, 43% below its initial proposed market cap of $207 million. Pfenex will list under the symbol PFNX on the NYSE MKT. William Blair and JMP Securities are the joint bookrunners on the deal.

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


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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