Peanut allergy biotech DBV Technologies sets terms for $98 million US IPO

DBV Technologies, a French biotech developing immunotherapy patches that treat food allergies, announced terms for its US IPO on Wednesday. The Bagneux, France-based company is currently listed on the Euronext Paris under the symbol DBV. It plans to offer 4.3 million ADSs, and at $23 per ADS, the price as of October 14, DBV Technologies would command a fully diluted market value of $964 million.

DBV recently announced topline results for its Phase 2b clinical trial of Viaskin Peanut, an electrostatic patch that delivers biologically active compounds to the immune system through the skin. Viaskin peanut obtained Fast Track Designation from the FDA, and expects to begin Phase 3 trials in the 1Q16. The company also plans to initiate a Phase 1 trial in the 4Q14 for cow's milk protein allergy in children.

Primary shareholders include Sofinnova Partners (14% pre-IPO stake), Bpifrance (13%), Baker Brothers Investments (6%) and CEO Pierre-Henri Benhamou (4%).

DBV Technologies, which was founded in 2002 and booked $7 million in revenue for the 12 months ended June 30, 2014, plans to list on the NASDAQ under the symbol DBVT. Citi, Leerink Partners and Bryan, Garnier & Co are the joint bookrunners on the deal. No pricing date was disclosed.