Oslo-based cancer vaccine developer Ultimovacs AS priced an IPO of its 11,840,000 new shares at 31.25 Norwegian kroner each.
The company expects to generate gross proceeds of about 370 million kroner in the IPO.
Ultimovacs has applied to list its shares on the Oslo Stock Exchange. Pending the stock exchange's approval, the company expects its shares to trade beginning June 3 under the ULTIMO ticker.
Net proceeds will fund a number of development and research activities for Ultimovacs' cancer vaccine UV1, including an ongoing early-stage study combining the vaccine with Merck & Co. Inc.'s Keytruda in malignant melanoma, a cancer that develops from the pigment-containing cells in the skin. Ultimovacs will also use a portion of the proceeds for continued follow-up of patients treated with UV1 in three completed early-stage studies in prostate cancer, non-small cell lung cancer and malignant melanoma.
ABG Sundal Collier and DNB Markets acted as joint global coordinators and joint book runners in the offering. Advokatfirmaet Schjødt AS served as the Norwegian legal counsel to Ultimovacs, while Advokatfirmaet Wiersholm AS is the Norwegian legal counsel of the managers.
As of May 17, US$1 was equivalent to 8.78 Norwegian kroner.