Genfit, a Phase 3 biotech developing therapies for NASH, announced terms for its US IPO on Thursday.
The Loos, France-based company plans to raise $132 million in a global offering of 5.0 million shares at $26.33, the as-converted last close of its shares on the Euronext Paris. At that price, Genfit would command a fully diluted market value of $955 million. The global offering also includes a European private placement of an undisclosed size.
Genfit's lead candidate elafibranor is being studied in a Phase 3 clinical trial for liver disease nonalcoholic steatohepatitis (NASH).
Genfit was founded in 1999 and booked $8 million in grant and other revenue for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol GNFT. SVB Leerink and Barclays are the joint bookrunners on the deal. It is expected to price later this month.
