BioNTech SE lowered the price range and downsized the share count for its Nasdaq IPO and is now offering 10 million American depositary shares at between $15 and $16 per share.
Germany's BioNTech originally filed to offer 13.2 million ADSs with a price range set at between $18 and $20 per share. Each ADS represents one ordinary share.
Additionally, underwriters have an option to buy up to an additional 1.5 million ADSs, compared to 1,980,000 ADSs previously offered.
The company expects to raise $141.8 million in net proceeds, or $163.7 million if underwriters fully exercise their overallotment option, assuming a per ADS price of $15.5.
BioNTech — headed by co-founder and CEO Ugur Sahin — plans to use the net proceeds to fund the development of its cancer drug candidates, clinical trials for other product candidates and to cover research and development expenses in its ongoing collaborations with Roche Holding AG's unit Genentech Inc., Sanofi and Genmab A/S.
J.P. Morgan Securities LLC, BofA Securities Inc., UBS Securities LLC, SVB Leerink LLC, Canaccord Genuity LLC, Bryan Garnier & Co. Ltd., Berenberg Capital Markets LLC, WR Securities LLC, Kempen & Co U.S.A. Inc. and Mirae Asset Securities (HK) Ltd. are acting as underwriters for the offering.
