Wall Street trims cancer drug developer BioNTech's unicorn valuation
Market conditions in the United States are spooking investors. After ADC Therapeutics rescinded its plans earlier this month for a public listing — citing an adverse environment — Germany’s BioNTech on Thursday unveiled its downsized IPO, raising about $100 million less than the $251 million that it had previously envisioned.
Founded in 2008, the cancer drug developer early last month originally penciled in plans for a $100 million US IPO. Then, later in September, it broke out the numbers: it was looking to offer 13.2 million American depository shares (ADS) at a price range of $18 to $20 to raise $251 million.
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