Biotechnology

Molecular Partners has set an IPO price of $ 64 million, below its initial target

Molecular Partners price The IPO has set up to raise $ 63.8 million to fund research on oncology and infectious disease candidates. After a five-day period when biotechnology shares fell 17% in Switzerland, IPO shipments have been set to be well below their original targets.

Zurich-based Molecular Partners applied for a listing on the Nasdaq in April. At that time, it planned to raise up to $ 100 million to fund early-stage clinical trials of oncology and infectious diseases. Last week, a new class of bespoke protein drug developers updated their paperwork, linking the planned IPO price to Swiss stocks traded on June 8 for CHF 24.40.

Since then, the shares of Molecular Partners have fallen to CHF 21.15. After the price of Swiss stocks fell by double digits, Molecular Partners set the price of a US IPO at $ 21.25. Prices below the closing level of Swiss stocks on Tuesday leave Molecular Partners with less than originally expected deliveries.

Molecular Partners closed by spending about $ 155 million on banks in March, suggesting that despite the IPO’s failure, there is still money to carry out the plan. The final IPO registration filing issued by Molecular Partners is $ 25 million to complete Phase 1 trials of MP0317, $ 40 million to expand infectious disease programs, and 43 million to treat acute myeloid leukemia up to Phase 1. Proposed to spend dollars.

The contract with Novartis could further strengthen the Balance Sheet of Molecular Partners. Novartis paid CHF 20 million in October and purchased shares of CHF 40 million in Molecular Partners as part of a transaction for two antiviral COVID-19 candidates. Later, the blockade in the UK stopped dosing to healthy volunteers from December 2020 to April 2021, frustrating Molecular Partners, but the program is now on track. If you wish to opt-in, Novartis will have to pay CHF 150 million.

Molecular Partners has other deals with AbbVie and Amgen, as well as wholly owned candidates at the forefront of clinical development. The VEGF inhibitor Abyssiper, a program affiliated with AbbVie, is the most advanced asset, but the concerns about the eye inflammation profile seen in Phase 2 mean that its future is uncertain.

https://www.fiercebiotech.com/biotech/molecular-partners-prices-64m-ipo-falling-short-original-goal Molecular Partners has set an IPO price of $ 64 million, below its initial target

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