Vir Biotech files for IPO to raise ~$134M

Vir Biotechnology (VIR) files for an initial public offering of 7.14M its shares and estimates the IPO price of $20.00-$22.00 per share.

Expects to grant greenshoe option for up to an additional 1.07M shares.

Sees proceeds of $134M, based on the midpoint of the price range, or $154.9M if underwriters excise the over-allotment option in full.

The company describes itself as a clinical-stage immunology company focused on combining immunologic insights with cutting-edge technologies to treat infectious diseases.

Intends to use proceeds to fund R&D of product candidates and development programs.

 The company’s current development pipeline consists of product candidates targeting hepatitis B virus, or HBV, influenza A, human immunodeficiency virus, or HIV, and tuberculosis, or TB.

VIR-2218, an HBV-targeting siRNA, is in an ongoing Phase 1/2 clinical trial and initial data have demonstrated substantial reduction of hepatitis B virus surface antigen, or HBsAg.  Based on initial data, VIR-2218 has been generally well-tolerated. Additionally, Vir has initiated a Phase 1/2 clinical trial for VIR-2482, a monoclonal antibody, or mAb, designed for the prevention of influenza A.

 In addition, current grants from the Bill & Melinda Gates Foundation will fund the manufacture and early clinical development of  two other products, VIR-1111, an HIV T cell vaccine, and VIR-2020, a TB T cell vaccine.

https://seekingalpha.com/news/3502681-vir-biotech-files-ipo-raise-134m