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DBV Technologies closes offering of ordinary shares


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DBV Technologies closes offering of ordinary shares

DBV Technologies SA closed a public offering by selling 3,527,752 ordinary shares for gross proceeds of about $150 million.

The share sale involved 1,392,015 ordinary shares in the form of 2,784,030 American depositary shares, or ADSs, for $21.26 per ADS in the U.S., Canada and certain other countries outside Europe as well as a private placement of 2,135,737 ordinary shares in Europe for €34.71 per ordinary share.

Each ADS represents the right to receive one-half of one ordinary share.

The French biotechnology company said the underwriters exercised the option to buy an additional 320,360 ordinary shares and 417,604 ADSs.

Including the exercise of underwriters' option, the total gross proceeds from the offering are expected to be about $172.5 million. The company expects the closing of the option to occur on March 26, subject to customary closing conditions.

The company will use the proceeds to fund, among other things, the development and commercialization of its allergy treatment Viaskin Peanut as well as for working capital and general corporate purposes.

Morgan Stanley and Goldman Sachs acted as joint lead book-running managers for the global offering. Barclays and Deutsche Bank Securities also served as book-running managers.

Bryan Garnier & Co. acted as a co-manager for the global offering.