Xencor, a biotech developing antibodies for severe autoimmune/allergic diseases and cancer, lowered the proposed deal size for its upcoming IPO on Thursday. The Monrovia, CA-based company now plans to raise $75 million by offering 10.7 million shares at $7 per share. The company had previously filed to offer 5.0 million shares at a range of $14 to $16.
Xencor, which was founded in 1997 and booked $11 million in grant and collaboration revenue for the 12 months ended September 30, 2013, plans to list on the NASDAQ under the symbol XNCR. Xencor initially filed confidentially on September 11, 2013. Credit Suisse and Leerink Swann are the joint bookrunners on the deal. It is expected to price during the week of November 11, 2013.
