Galapagos, a Belgian biotech developing new treatments for inflammatory diseases, announced terms for its IPO on Tuesday.
The Mechelen, Belgium-based company plans to raise $160 million by offering 3.78 million ADSs. Its shares are currently listed on the Euronext Brussels and Euronext Amsterdam and finished trading on Monday at €38.05 per share, or $42.43. At that price, Galapagos would command a fully diluted market value of $1.6 billion, which would make it the year's largest biotech by market cap at the offering.
Galapagos' stock has jumped over 50% since April 15, when the biotech filed to list its shares in the US. The last foreign public company to list shares in the US, immunotherapy biotech Cellectis (CLLS), soared 65% in the month between its US filing and pricing dates, but the stock is down 24% since the US IPO.
Galapagos, which was founded in 1999 and booked $90 million in revenue for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol GLPG. Galapagos initially filed confidentially on February 6, 2015. Morgan Stanley, Credit Suisse and Cowen & Company are the joint bookrunners on the deal. It has not yet disclosed a pricing week.
