Germany-based biotechnology company Affimed Therapeutics has raised $56m from an initial public offering, Reanaissance Capital reported on Friday.
The Novo Nordisk-backed company issued 8 million shares priced at $7.00 each, significantly lower than the $11-13 range set previously, which would have involved the issuing of 6.25 million shares.
Affimed is developing cancer immunotherapies that would aid the body’s immune system in fighting off cancerous tumours. It plans to put $35m of the proceeds into research and development expenses for its lead product candidate, AFM13, with additional funds to go to research and development for two of its other candidates.
The stake held by pharmaceutical company Novo Nordisk before the offering was 14.3% but as Affimed has not yet published a prospectus it is unclear how big a share in Affimed it currently holds.
Other notable shareholders are Aeris Capital, which held a 23.1% stake pre-IPO, OrbiMed Advisors (22.1%), BioMedInvest and Life Sciences Partners (6% each).
Jefferies, Leerink Partners and BMO Capital Markets served as lead managers on the offering, with Trout Partners also acting as an underwriter.