5th Feb 2021 10:36
(Alliance News) - Life sciences-focused investor Malin Corp on Friday noted that investee Immunocore raised USD273 million in an initial public offering of American depositary shares.
Immunocore priced 9.9 million ADSs, each representing one share, at USD26.00 each. This raised an initial USD258 million.
In addition, Immunocore also raised USD15 million in a private placing, taking to the total amount secured to USD273 million.
Based on the offering price, Malin's stake in Immunocore is valued at EUR51 million, which would be a 2.4% premium from the EUR49.8 million carrying value at the end of August.
Malin did not participate in the IPO and, following the IPO, retains a 6% stake in the company.
Malin added that trading of Immunocore's ADSs on the Nasdaq Global Select Market will begin on Friday.
"Proceeds from the IPO will be used to advance [Immunocore's] lead product candidate through the completion of its Phase 3 clinical trial as well as preparing for its commercial launch and to fund the ongoing and planned clinical development of Immunocore's other product candidates, as well as for general corporate purposes," Malin added.
Malin shares were up 1.9% at EUR5.50 each in Dublin on Friday morning.
By Eric Cunha; [email protected]
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