Xencor, a biotech developing antibodies for severe autoimmune/allergic diseases and cancer, raised $70 million by offering 12.7 million shares at $5.50. The company, which revised its terms yesterday, had originally filed to offer 5 million shares at $14 to $16 per share but subsequently slashed its price to $7 per share and increased shares offered to 10.7 million on November 14 before postponing its deal. Insiders have indicated an interest in buying up to $20.5 million on the offering (29% of the deal). Xencor will list on the NASDAQ under the symbol XNCR. Credit Suisse and Leerink Swann acted as lead managers on the deal.
