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Innate Pharma to raise $68.8M from Nasdaq IPO, private placement

Innate Pharma SA priced an IPO of its American depositary shares and a concurrent private placement of ordinary shares to raise about $68.8 million in gross proceeds.

The Marseille, France-based biotechnology company, which develops treatments that utilize the body's immune system to fight cancer, will sell 8,047,227 ADSs to investors in the U.S. at $5.50 apiece. Each ADS represents one ordinary share of the company.

The company will sell 4,452,773 ordinary shares to investors in Europe and other countries outside the U.S. for €4.97 apiece in the European private placement.

Innate said the underwriters have exercised in full the option to purchase up to 1,875,000 additional ADSs.

The company expects to raise about $61.2 million after deducting expenses, which will be used in addition to existing assets and cash on hand to advance the development of monalizumab, IPH4102 and IPH5401.

About $30 million will be used to build commercial capabilities for Lumoxiti in the U.S. and EU, subject to approval. The U.S. Food and Drug Administration approved the therapy for treating a type of blood cancer in September 2018. Innate licensed the drug from AstraZeneca PLC in October 2018.

Another $55 million will be directed towards expansion and advancement of Innate's pipeline, according to an Oct. 17 press release. The company added that any additional funds will be used for general corporate purposes and possibly to license, acquire or invest in complementary technologies, products, businesses or assets.

Innate's shareholders, including Bpifrance Participations SA, Novo Nordisk A/S and MedImmune Ltd., have agreed to purchase ADSs and ordinary shares worth about $22.7 million.

AstraZeneca and Bpifrance each owned stakes of 8.17% and 5.74%, respectively, in Innate as of Aug. 31, according to S&P Global Market Intelligence data.

Mondher Mahjoubi has been chairman and CEO of Innate since December 2016.

The biotechnology company expects to close the IPO and concurrent private placement on or about Oct. 21.

Citigroup Global Markets Inc., SVB Leerink LLC and Evercore Group LLC are joint book-runners for the U.S. offering, and Citigroup Global Markets Ltd. is the global coordinator for the European private placement.