Immunology company Vir Biotechnology Inc. priced its IPO of 7,142,858 common shares at $20 apiece — the lower end of a previously announced range.
Gross proceeds from the IPO are expected to reach about $142.9 million.
Vir Biotechnology, which develops therapies for the treatment and prevention of serious infectious diseases, also granted underwriters an option to buy up to an additional 1,071,428 common shares in the offering.
The IPO is expected to close Oct. 16, subject to customary closing conditions.
The company said its shares will trade on the Nasdaq Global Select Market under the VIR symbol beginning Oct. 11.
San Francisco-based Vir Biotechnology plans to use net proceeds to complete the ongoing phase 1/2 study and fund related manufacturing needs of its experimental hepatitis B drug VIR-2218.
A portion of proceeds will be used to develop another potential hepatitis B medicine VIR-3434, which is undergoing an early-stage trial; influenza A medicine VIR-2482, which is undergoing a phase 1/2 clinical trial, and to prepare for a potential registrational study.
The remaining amount will be used to fund other clinical studies and preclinical programs, as well as for working capital and other general corporate purposes.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Cowen and Co. LLC and Barclays Capital Inc. are the joint book-running managers in the IPO.
