ZURICH (Reuters) – Swiss biotech BioVersys, which develops treatments for serious infections caused by drug resistant bacteria, has completed its initial public offering with an implied market valuation of 213 million Swiss francs ($235.46 million). Just over 2.2 million shares were placed by the Basel-based company in the all-primary offering at 36 francs per share, […]
Health
Swiss biotech BioVersys gets $235 million valuation after completing flotation
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ZURICH (Reuters) – Swiss biotech BioVersys, which develops treatments for serious infections caused by drug resistant bacteria, has completed its initial public offering with an implied market valuation of 213 million Swiss francs ($235.46 million).
Just over 2.2 million shares were placed by the Basel-based company in the all-primary offering at 36 francs per share, it said on Thursday.
Trading is due to start on Friday, with the stock expected to be included on the Swiss Performance Index on February 10.
BioVersys researches and develops novel antibacterial products for serious life-threatening infections caused by multidrug-resistant (MDR) bacteria.
It raised 90 million francs from the IPO, which will used towards the development of its BV100 treatment for infections linked to ventilator-associated pneumonia and bloodstream infections.
Some of the money will be used for its tuberculosis product alpibectir, which BioVersys is working on with GSK.
CEO Marc Gitzinger said the IPO was the next stage in the company’s growth strategy.
“This support enables us to move full speed ahead with BV100 into the Phase 3 program, advance alpibectir into additional Phase 2 trials in collaboration with GSK and further progress our early stage pipeline,” he said.
($1 = 0.9046 Swiss francs)
(Reporting by John Revill; Editing by Bernadette Baum)