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DBV Technologies underwriters exercise options in full for $143M global offering

DBV Technologies SA said underwriters of its global offering fully exercised the overallotment option given by the company, bringing the gross proceeds to $143 million.

The French company has sold 10,852,733 ordinary shares of which 9,283,289 ordinary shares are in the form of 18,566,578 American depositary shares, at $6.59 apiece.

This includes 1,368,667 additional ordinary shares in the form of 2,737,334 ADSs, sold as underwriters fully exercised the overallotment option. The option is expected to close Oct. 15.

Goldman Sachs and Citigroup are the joint lead book-running managers while JMP Securities, H.C. Wainwright & Co. and Bryan, Garnier & Co are the co-managers for the global offering.

Each ADS is exchangeable for one-half of an ordinary share of the biopharmaceutical company.

DBV Technologies' biologics license application for its peanut allergy therapy Viaskin Peanut was accepted by the U.S. Food and Drug Administration on Oct. 4, and the regulator expects to make a decision by Aug. 5, 2020. The company plans to use the net proceeds to cover commercialization costs of Viaskin Peanut if the FDA approves the drug.

Proceeds will also be used to progress DBV's other product candidates, for working capital and general corporate purposes.