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Selecta Biosciences prices $70M offering

Selecta Biosciences Inc. priced a private offering of its common stock to raise about $70 million in gross proceeds, the same day it licensed its immune tolerance platform ImmTOR to Asklepios BioPharmaceutical Inc. for up to $240 million.

The Watertown, Mass.-based biotechnology company offered 45,977,011 units of securities — each made of one share and a warrant to purchase half a share at $1.46 — for $1.5225 apiece to select members of its board and investors, led in the placement by Vivo Capital LLC, Mangrove Partners, EcoR1 Capital LLC, BVF Partners LP and Boxer Capital LLC.

Certain institutional investors chose to receive pre-funded warrants for the company's common stock instead of shares.

The company said the offering would close Dec. 23.

Selecta Biosciences intends to use the net proceeds to fund the ongoing phase 2 Compare trial of its chronic refractory gout therapy SEL-212, as well as for general corporate purposes.

Cantor Fitzgerald & Co. is serving as placement agent for the offering.