Molecular Partners, a Swiss biotech developing engineered protein therapies for COVID-19 and cancers, announced terms for its IPO on Wednesday.
The Zurich, Switzerland-based company plans to raise $81 million by offering 3 million ADSs at $27.14 per share, the as-converted last close of its share on the SIX Swiss Exchange (MOLN). At the proposed price, Molecular Partners would command a fully diluted market value of $900 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.
Molecular Partners was founded in 2004 and booked $7 million in revenue for the 12 months ended March 31, 2021. It 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. It is expected to price during the week of June 14, 2021.
