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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