By Val kennedy,
Norovirus vaccine developer HilleVax (HLVX) shares rose 10% following its upsized $200M initial public offering.
Shares of HLVX opened at $18.76 after pricing at $17 per share. The stock recently changed hands at $18.70, up 10%, at approximately 12:00 p.m. ET.
HLVX offered approximately 11.8M shares priced at $17 per share, raising around $200M. Underwriters were granted a 30-day option to buy up to 1.8M additional shares at the IPO price. J.P. Morgan, SVB Securities, Stifel and Guggenheim Securities were serving as joint bookrunners on the deal.
The IPO had been upsized at least twice over the last few weeks. On Monday, HLVX said in a filing that it planned on raising $175M. Earlier in the month, it indicated it was seeking $100M.
Boston-based HilleVax (HLVX) has been developing virus-like particle, or VLP, based vaccine called HIL-214 for the prevention of moderate-to-severe acute gastroenteritis caused by norovirus infection. The company plans to begin Phase 2B testing of the product for infants during the second half of 2022.
HIL-214 is licensed from Japanese drugmaker Takeda (TAK), which holds a roughly 9% stake in HLVX. Healthcare VC firm Frazier Life Sciences hold another 44%.
Source : https://seekingalpha.com/news/3829531-norovirus-vaccine-developer-hillevax-stock-climbs-following-upsized-200m-ipo