Genmab, which is developing novel antibodies for cancer and other diseases, announced terms for its IPO on Tuesday.
The Copenhagen, Denmark-based company plans to raise $503 million by offering 27.8 million ADSs at a price of $18.11, the as-converted closing price of its shares on the Nasdaq Copenhagen on July 5, where it has been listed since 2000 (GEN). At $18.11 per ADS, Genmab would command a fully diluted market value of $11.8 billion. By market cap, Genmab is the largest biotech to list in the US in over 20 years.
Genmab was founded in 1998 and booked $441 million in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol GMAB. BofA Merrill Lynch, Morgan Stanley and Jefferies are the joint bookrunners on the deal. In its latest filing, the company also added Danske Markets, H.C. Wainwright, and Kempen to its co-managers. It is expected to price during the week of July 15, 2019.
