San Diego Biotech Pfenex Inc. Slashes Proposed Range To $8 A Share, Eyes $65 Million In IPO Debut
Pfenex, which is developing a biosimilar version of Roche's Lucentis treatment for wet AMD, lowered the proposed price range for its upcoming listing on Thursday. The San Diego, CA-based company still plans to raise $65 million but now plans on offering 8.1 million shares at $8. The company previously filed to offer 5.0 million shares at a price range of $12-$14. At $8, Pfenex now commands a fully diluted market cap of $154 million, 26% below its initial proposed market cap of $207 million.
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