Molecular Partners, a Swiss biotech developing engineered protein therapies for COVID-19 and cancers, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. The company is listed on the SIX Swiss Exchange under the ticker MOLN; it closed on Thursday with a market cap of about $728 million.
Molecular Partners states that its proprietary DARPin molecular platform allows it to create product candidates with multiple mechanisms of action that may improve efficacy and reduce adverse events for patients. Molecular Partners currently has development partnerships with Novartis, Amgen, and AbbVie.
The Zurich, Switzerland-based company was founded in 2004 and plans to list on the Nasdaq under the symbol MOLN. J.P. Morgan, SVB Leerink, Cowen and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed, though it plans to base its offer price on the prevailing market price of its shares on the Swiss Exchange.
