Polyphor AG increased the size of its Swiss IPO, Reuters reported May 14, citing anonymous sources.

The company, which previously planned to raise up to CHF150 million in the offering on the SIX Swiss Exchange, increased the upsize option to CHF55 million from CHF40 million, raising the expected proceeds to CHF165 million from CHF150 million.

Swiss biotech company also narrowed the price range for its shares to a range of CHF35 per share to CHF38 per share from an initial range of CHF30 per share to CHF40 per share.

The company will use proceeds to fund the development of its lead product candidate murepavadin to treat pneumonia and the development of breast cancer drug balixafortide.

UBS AG and Deutsche Bank AG are acting as joint global coordinators and joint book runners, and Zuercher Kantonalbank and Cantor Fitzgerald are serving as co-lead managers.