Swiss biotech Polyphor prices IPO at 38 Sfr per share (updated)

Spexis AG

14/05/2018 17:11

(Adds detail, background)
    By Oliver Hirt
    ZURICH, May 14 (Reuters) - Swiss biotech company Polyphor
 POLN.S  will raise 165 million Swiss francs ($165.4 million),
including an over-allotment option, after pricing shares in its
initial public offering at 38 Swiss francs each, the top end of
the indicated range, sources told Reuters on Monday.
    The company is due to make its debut on the Swiss stock
exchange on Tuesday in an all-primary share offering, the latest
in a raft of flotations in Switzerland this year.
    Polyphor had said on Friday it was increasing the size of
its IPO, citing strong demand for its shares.
    It lifted the upsize option from 40 million francs to 55
million francs last week, meaning total proceeds raised would
increase to 165 million francs from the previously targeted 150
million francs.
    The price range for its shares was narrowed to 35 to 38 per
share from an initial range of 30 to 40 francs each.
    A spokesman for the company declined to comment on the IPO
results.
    Polyphor has said it would use the funds to develop
Murepavadin, a drug to treat a deadly strain of pneumonia.
    The market for Murepavadin is worth up to $3 billion,
Polyphor has said. 
    UBS AG and Deutsche Bank AG acted as joint global
coordinators and joint bookrunners and Zuercher Kantonalbank and
Cantor Fitzgerald as co-lead managers.
    A series of flotations in Switzerland this year has provided
the bourse with new entrants.
    Ceva Logistics  CEVAL.S  made its debut in May following
IPOs by sensor maker Sensiron  SENSI.S , medical devices maker
Medartis  MEDA.S  and a listing by social network group
ASMALLWORLD  ASWN.S  in March.
    But Chinese conglomerate HNA Group  HNAIRC.UL  shelved plans
to float airline caterer Gategroup and ground services and cargo
handling unit Swissport, citing turbulent markets.  urn:newsml:reuters.com:*:nL8N1R82QO
    ($1 = 0.9976 Swiss francs)

 (Writing by John Revill, Editing by Michael Shields)
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