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Biotech Pfenex slashes proposed range to $8, adds shares

Pfenex, which is developing a biosimilar version of Roche's Lucentis treatment for wet AMD, lowered the proposed price range for its upcoming listing on Thursday. The San Diego, CA-based company still plans to raise $65 million but now plans on offering 8.1 million shares at $8. The company previously filed to offer 5.0 million shares at a price range of $12-$14. At $8, Pfenex now commands a fully diluted market cap of $154 million, 26% below its initial proposed market cap of $207 million.

Pfenex now plans to list under the symbol PFNX on the NYSE MKT. William Blair and JMP Securities are the joint bookrunners on the deal. It is still expected to price tonight, July 17, 2014.

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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