Innate Pharma, a commercial-stage French biotech developing antibody therapies for cancer, announced terms for its US IPO on Friday.
The Marseille, France-based company plans to raise $80 million by offering 10.7 million shares at a price of $7.50, the converted last closing price of its shares on Euronext Paris (symbol: IPH) . At $7.50, Innate Pharma would command a market value of $560 million. The $80 million global offering will include a US offering and a European private placement.
Innate Pharma was founded in 1999 and booked $143 million in collaboration and licensing revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol IPHA. Citi, SVB Leerink and Evercore ISI are the joint bookrunners on the deal. It is expected to price on Wednesday, October 16, 2019.
