PolyPeptide prices shares at 64 Sfr at Swiss market debut (updated)

PolyPeptide AG

29/04/2021 06:56

(Adds background)
    ZURICH, April 29 (Reuters) - Contract drugmaker PolyPeptide
Group  PPGN.S  priced its Swiss initial public offering at 64.00
Swiss francs per share before it started trading on the Swiss
stock exchange on Thursday.
    That implied  a market capitalisation of 2.12 billion Swiss
francs ($2.33 billion). The free float amounts to approximately
35% before any exercise of overallotment option and 40% if the
overallotment option is exercised in full, it said. 
    Controlled by a foundation of Swedish billionaire adventurer
Frederik Paulsen Jr., the company makes ingredients for
U.S.-based Novavax Inc's  NVAX.O  COVID-19 vaccine candidate.
    It placed existing shares and a primary offering, with some
proceeds to go for potential acquisitions.  urn:newsml:reuters.com:*:nL1N2M50JJ
    It joins peptides maker Bachem  BANB.S , PolyPeptide's
biggest competitor, on the Swiss exchange.
    PolyPeptide has six facilities in Europe, the United States
and India, with 900 employees and 2020 revenue of 223 million
euros ($270.6 million).
    Credit Suisse, Morgan Stanley and BofA Securities are the
IPO's joint global coordinators and bookrunners. Berenberg,
Danske Bank and Zuercher Kantonalbank are bookrunners.
Rothschild & Co is advising PolyPeptide.
    ($1 = 0.9096 Swiss francs)
    ($1 = 0.8241 euros)

 (Reporting by Michael Shields; editing by Brenna Hughes
Neghaiwi)
 ((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))