Renaissance Capital logo

Norovirus vaccine developer HilleVax sets terms for $175 million IPO

April 25, 2022

HilleVax, a Phase 2 biotech developing a novel norovirus vaccine in-licensed from Takeda, announced terms for its IPO on Monday.

The Boston, MA-based company plans to raise $175 million by offering 10.3 million shares at a price range of $16 to $18. At the midpoint of the proposed range, HilleVax would command a fully diluted market value of $625 million.

HilleVax was formed through the collaboration of Frazier and Takeda Pharmaceuticals to develop HIL-214, a virus-like particle based vaccine candidate for the prevention of moderate-to-severe acute gastroenteritis caused by norovirus infection. An open IND was transferred to HilleVax from Takeda in September 2021, under which the company plans to initiate a Phase 2b trial in infants in the 2Q22, with top-line data expected in the 2H23.

HilleVax was founded in 2019 and booked plans to list on the Nasdaq under the symbol HLVX. J.P. Morgan, SVB Leerink, Stifel, and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of April 25, 2022.