ZURICH, April 29 (Reuters) – Contract drugmaker PolyPeptide Group 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 COVID-19 vaccine candidate.
It placed existing shares and a primary offering, with some proceeds to go for potential acquisitions.
It joins peptides maker Bachem, 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)