8th Feb 2019 10:41
LONDON (Alliance News) - Arix Bioscience PLC on Friday said its portfolio company Harpoon Therapeutics Inc has announced the pricing of its initial public offering on the Nasdaq stock market in New York.
The health and life sciences company said its investee will issue 5.4 million shares at a price of USD14.00 each to raise USD75.6 million.
The pricing of the IPO results in an increase in the value of Arix's existing holding in Harpoon to GBP26.7 million, it said, a GBP6.2 million uplift to the last disclosed value of GBP20.2 million.
Additionally, Arix has agreed to invest USD6.0 million in the IPO, securing 2.9 million shares and giving a total new valuation of GBP31.3 million. This has raised its stake in Harpoon to 12.1%.
"Harpoon has a novel T-cell engager platform which we believe could be instrumental to the discovery and development of important new therapeutics in oncology," said Arix Chief Information Officer Joe Anderson.
"As early investors in Harpoon, we are excited to see the potential of the company continue to grow," added Anderson.
Arix shares were trading 3.6% higher on Friday at 166.80 pence each.
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