Sept 13 AC Immune SA on Tuesday set the pricing
range for its keenly awaited U.S. initial public offering,
valuing the Swiss biotech firm at about $700 million at the top
end of the range.
AC Immune, which filed to go public in May, said it would
offer 4.55 million common shares at the estimated price range of
$11 to $13 per share.
The company licensed its investigational drug, crenezumab,
to Roche a decade ago to target protein plaques found in
brains of patients with Alzheimer's disease. The drug has now
moved into late-stage trials.
AC Immune, which is backed by German billionaire Dietmar
Hopp, plans to use the proceeds from its U.S. share sale to
develop separate products targeting Alzheimer's disease.
The company is the latest among a growing list of European
biotech firms, including Britain's Adaptimmune Therapeutics Plc
and French allergy drugmaker DBV Technologies,
to opt for a U.S. listing.
AC Immune is led by Andrea Pfeifer, who formerly headed
Nestle's global research.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Anil