Nabriva Therapeutics, which is developing a novel antibiotic for bacterial pneumonia, lowered the proposed offer price ahead of its upcoming IPO on Thursday.
The Vienna, Austria-based company now plans to raise $95 million by offering 9.0 million ADSs at $10.50. The company had previously filed to offer 6.0 million ADSs at a range of $15 to $17. At the new price, Nabriva Therapeutics will raise 2% less in proceeds than previously anticipated at a 24% lower diluted valuation.
Insiders now plan to purchase up to $60 million on the offering, or 63% of the deal size, instead of $50 million.
Nabriva Therapeutics, which was founded in 2005, plans to list on the Nasdaq under the symbol NBRV. Leerink Partners and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price tnoight.
