VectivBio Announces Pricing of Initial Public Offering

Rhea-AI Summary

VectivBio Holding AG has announced the pricing of its initial public offering (IPO) of 7,500,000 ordinary shares at $17.00 each, totaling gross proceeds of $127.5 million. The IPO is set to close on April 13, 2021, pending customary conditions, with shares expected to trade on Nasdaq under the symbol 'VECT' starting April 9, 2021. Vectiv has also granted underwriters a 30-day option for an additional 1,125,000 shares. The offering is managed by BofA Securities, SVB Leerink, and Credit Suisse.

Positive

• Initial public offering priced at $17.00 per share.
• Total gross proceeds expected to be $127.5 million.
• Potential for additional 1,125,000 shares from underwriters.

Negative

• Dilution risk for existing shareholders from the new share issuance.

BASEL, Switzerland, April 08, 2021 (GLOBE NEWSWIRE) -- VectivBio Holding AG, (“Vectiv” or “VectivBio”) (Nasdaq: VECT), a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for severe rare conditions for which there is a significant unmet medical need, today announced the pricing of its initial public offering of 7,500,000 ordinary shares at a public offering price of $17.00 per share. The gross proceeds to Vectiv, before deducting underwriting discounts and commissions and offering expenses, are expected to be $127.5 million. All of the ordinary shares are being offered by Vectiv. In addition, Vectiv has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 ordinary shares at the initial public offering price, less the underwriting discounts and commissions.

Vectiv’s shares are expected to begin trading on the Nasdaq Global Select Market on Friday, April 9, 2021 under the ticker symbol “VECT.” The offering is expected to close on April 13, 2021, subject to customary closing conditions.

BofA Securities, SVB Leerink and Credit Suisse are acting as joint book-running managers for the offering. LifeSci Capital is also acting as an underwriter for the offering.

A registration statement relating to the shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission and was declared effective on April 8, 2021. The offering of the shares is being made only by means of a prospectus forming part of the effective registration statement relating to these shares. Copies of the final prospectus, when available, may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, or by telephone at (800) 294-1322, or by email at dg.prospectus_requests@bofa.com; SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525 ext. 6105 or by email at syndicate@svbleerink.com; or Credit Suisse Securities (USA) LLC Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, or by telephone at (800) 221-1037 or by email at usa.prospectus@credit-suisse.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Investors
Graham Morrell
graham.morrell@vectivbio.com

Media
Morgan Warners
+1 202 295 0124
morgan.warners@fgh.com

FAQ

What is VECT's IPO pricing and size?

VectivBio's IPO pricing is set at $17.00 per share for a total of 7,500,000 shares, amounting to $127.5 million in gross proceeds.

When will Vectiv's shares begin trading?

Vectiv's shares are expected to begin trading on Nasdaq on April 9, 2021.

What is the purpose of the initial public offering by Vectiv?

The IPO aims to raise funds for the discovery, development, and commercialization of treatments for severe rare conditions.

What is the ticker symbol for VectivBio on Nasdaq?

The ticker symbol for VectivBio is 'VECT'.

Who are the underwriters for Vectiv's IPO?

BofA Securities, SVB Leerink, and Credit Suisse are acting as joint book-running managers for the offering.

What are the risks associated with Vectiv's IPO?

There is a dilution risk for current shareholders due to the issuance of new ordinary shares.