DBV Technologies, a France-based anti-allergen developer backed by investors including postal service La Poste, has raised approximately $92.6m in an initial public offering on the Nasdaq Global Select Market.
The company issued almost 2.7 million shares priced at $43.27 each, about 2.1 million to investors in North America and outside France through the IPO’s US underwriters, and approximately 530,000 euro-denominated shares to investors outside North America through the international underwriters.
DBV is developing allergy treatments based on its Viaskin technology platform, which can administer the medicine through intact skin.
The cash will be used to advance its Viaskin Peanut and Viaskin Milk product candidates, and to build out its commercial infrastructure in the US and France.
La Poste holds a 13.6% stake in DBV, diluted from 16%, through its Bpifrance corporate venturing unit. Sofinnova Capital owns 13.9% and Baker Bros. Advisors 5.9%.
DBV had raised approximately $50.5m in equity funding, including $25.5m in a 2011 series C round featuring pharmaceutical firms Shire, Lundbeckfond Ventures and ALK Abelló, the latter two of which are run by Lundbeckfond Foundation, Sofinnova Partners, Alto Invest and InnoBio Fund.
The US underwriters are Citigroup Global Markets, Leerink Partners, Bryan, Garnier & Co and Trout Capital, while the international underwriters are Citigroup Global Markets and Bryan, Garnier & Co.