PolyPeptide sets Swiss IPO worth up to $978 mln

ZURICH, April 21 (Reuters) - PolyPeptide Group, a contract drugmaker controlled by a foundation of Swedish billionaire adventurer Frederik Paulsen Jr., launched a Swiss share listing on Wednesday worth up to 896 million Swiss francs ($978 million).

The company said it set a price range of 57 Swiss francs to 68 Swiss francs per share for up to 3.5 million new and 8.5 million existing shares, with an over-allotment option of up to 1.75 million existing shares.

Assuming full placement of the offered shares and full exercise of the over-allotment option, the free float is expected to be around 40%. The offer period is set to run until April 28, with trading to start on April 29, the company said.

The group said last week it plans to list a 40% stake on the Swiss stock exchange to finance growth.

The company makes ingredients for U.S.-based Novavax Inc’s COVID-19 vaccine candidate.

PolyPeptide has six facilities in Europe, the United States and India, with 900 employees. Its revenue in 2020 was 223 million euros ($268 million).

Credit Suisse, Morgan Stanley and BofA Securities are the IPO’s joint global coordinators and bookrunners. Berenberg, Danske Bank and Zuercher Kantonalbank are acting as bookrunners. Rothschild & Co is advising PolyPeptide.

($1 = 0.9164 Swiss francs)

$1 = 0.8315 euros Reporting by John Miller and Michael Shields; Editing by Krishna Chandra Eluri