Innate Pharma SA raised about $79.1 million in gross proceeds from an IPO of its American depositary shares and a concurrent private placement.
The Marseille, France-based biotechnology company sold 9,922,227 American depositary shares — each representing one ordinary share — in its IPO on the Nasdaq Global Select market. The ADSs were priced at $5.50 each.
Innate also sold 4,452,773 ordinary shares in Europe and other countries outside the U.S. in a concurrent private placement. The ordinary shares under the placement were sold at €4.97 each.
A total of 14,375,000 new ordinary shares were sold to investors under the IPO and concurrent placement.
Innate Pharma's shares are listed on the Euronext Paris under the IPH ticker symbol, while its ADSs are listed on the Nasdaq Global Select market under the IPHA symbol. The ADS began trading on the U.S. stock exchange Oct. 17.
Citigroup Global Markets Inc., SVB Leerink LLC and Evercore Group LLC were joint book runners for the U.S. offering, while Citigroup Global Markets Ltd was global coordinator for the placement. Namsen Capital was capital markets advisor to Innate Pharma.
Innate Pharma previously said about $30 million of the proceeds will be used to build commercial capabilities for its drug Lumoxiti in the U.S. and EU, subject to approval. The U.S. Food and Drug Administration in September 2018 approved the therapy for treating a type of blood cancer.
Innate licensed Lumoxiti from AstraZeneca PLC in October 2018.
Another $55 million will be directed toward the expansion and advancement of Innate's pipeline.