Genmab steps up for a $500M IPO haul, with its sights on a record-setting market cap
Genmab is right on the threshold now of completing the largest biotech listing — by market cap — that Renaissance Capital has seen for the past 20 years or more.
The Copenhagen-based company has set its terms for a Nasdaq debut, planning to sell 27.8 million shares at $18.11 a share — the value of their stock as of the close on Friday. That would give them a market cap of $11.8 billion, which is a rare sight on Wall Street.
Altogether Genmab plans to raise more than $500 million, with the help of BofA Merrill Lynch, Morgan Stanley and Jefferies acting as the joint bookrunners. Renaissance reports that in their latest filing, the company also added Danske Markets, H.C. Wainwright, and Kempen to its co-managers.
Genmab and their longtime partners at J&J have been steadily expanding the reach of their leading CD38 drug Darzalex, which may soon face competition from Sanofi. In the meantime, they have some next-gen programs in mind to maintain the franchise for the long term.
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