Pfenex, which is developing a biosimilar version of Roche’s Lucentis treatment for wet AMD, raised $50 million by offering 8.3 million shares at $6, below its downwardly revised $8 price expectation. The San Diego, CA-based company had initially planned to raise $65 million by offering 5.0 million shares at $12-$14 range before revising its terms last Thursday to 8.1 million shares at $8.
At $6, Pfenex now has a fully diluted market cap of $118 million, 43% below its initial proposed market cap of $207 million. Pfenex will list under the symbol PFNX on the NYSE MKT. William Blair and JMP Securities are the joint bookrunners on the deal.
