Molecular Partners, a Swiss biotech developing engineered protein therapies for COVID-19 and cancers, raised $64 million by offering 3 million ADSs at $21.25, below the as-converted last close of its shares on the SIX Swiss Exchange ($23.53).
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 plans to list on the Nasdaq under the symbol MOLN. J.P. Morgan, SVB Leerink, Cowen, and RBC Capital Markets acted as joint bookrunners on the deal.
