Biontech SE, of Mainz, Germany, disclosed in an amended SEC registration statement that it was lowering the size of its proposed IPO. The company now plans to raise $155 million, for net proceeds of approximately $141.8 million, by offering 10 million American depositary shares (ADSs) priced in a range of $15 to $16, down from an earlier filing covering 13.2 million shares priced in a range of $18 to $20 for an expected raise of approximately $250 million at the midpoint. Biontech plans to grant underwriters a 30-day option to purchase up to 1.5 million additional ADSs to fill overallotments. Proceeds mainly will be used to fund trials of the company's Fixvac cancer vaccine candidates and R&D expenses associated with ongoing collaborations with Genentech Inc., a unit of Roche Holding AG, of Basel, Switzerland; Sanofi SA, of Paris; and Genmab A/S, of Copenhagen, Denmark. Biontech plans to list its ADSs on 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 joint bookrunners on the deal, which comes atop a record-setting $325 million series B round for the company in July. (See BioWorld, July 10, 2019, and Oct. 3, 2019.)
DBV Technologies SA, of Montrouge, France, said it priced a global offering of approximately 9.5 million ordinary shares that included 7.9 million ordinary shares in the form of approximately 15.9 million American depositary shares (ADSs) in the U.S., Canada and certain other countries outside Europe at $6.59 apiece and a private placement of approximately 1.6 million ordinary shares in Europe priced at €12.04 (US$13.21) apiece. DBV said the offering price represented a discount of 14.9% from the volume weighted-average of the price of its ordinary shares (DBV) on the Euronext Paris on the trading day prior to pricing. Each ADS represents the right to receive one-half of one ordinary share. The company expects to generate gross proceeds of approximately $125 million and granted underwriters a 30-day overallotment option to purchase up to approximately 1.4 million additional ordinary shares in the form of approximately 2.7 million ADSs. DBV plans to use net proceeds primarily to prepare for potential commercialization of its Viaskin Peanut allergy desensitization vaccine, under review by the FDA, and to advance development other candidates. The offering is expected to close by Oct. 11. Goldman Sachs and Citigroup are joint lead book-running managers, with JMP Securities, H.C. Wainwright & Co. and Bryan Garnier & Co. as co-managers. On Wednesday, DBV closed on the Euronext Paris at €12.57, down €1.02. The ADSs (NASDAQ:DBVT) lost 56 cents to close at $6.79.
Immunomolecular Therapeutics LLC, of Aurora, Colo., said it raised $10 million in a series A financing to advance its human leukocyte antigen (HLA)-targeted discovery platform and develop lead candidate IMT-002, an HLA class II antigen inhibitor, in type 1 diabetes (T1D). The funding was co-led by the JDRF T1D Fund and Morningside Ventures with participation from the Colorado University Healthcare Innovation Fund. The company said its personalized therapy approach in autoimmunity, validated in a phase Ib study in individuals recently diagnosed with T1D who were positive for the HLA DQ8 variant, is advancing through IND development in T1D and expanding to other autoimmune targets, including celiac disease. In conjunction with the round, Sean Doherty, executive chair of the JDRF T1D Fund, and Jason Dinges, investment advisor at Morningside, joined the company's board.
Sorrento Therapeutics Inc., of San Diego, said it closed its registered direct offering of about 10.9 million shares of common stock and warrants to purchase up to 10.9 million shares, at a combined purchase price of $2.30 per share and related warrant. Net proceeds are expected to be about $23.3 million and will be used for continued clinical development of its RTX and CD38 CAR T programs and for general research and development, working capital and general corporate purposes. H.C. Wainwright & Co. acted as the exclusive placement agent.