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Genfit Prices $135M Global Stock Offering

NEW YORK (360Dx) – French biopharmaceuticals and diagnostics firm Genfit today announced the pricing of a global offering of 6.65 million ordinary shares and anticipates gross proceeds of about $135.1 million before deducting underwriting commissions and expenses.

The global offering consists of 6.15 million ordinary shares in the form of American Depositary Shares at an offering price of $20.32 per ADS. The company initiated a concurrent private placement of 500,000 ordinary shares in countries outside the US at the corresponding offering price of €18 ($20.25) per ordinary share.

The stock is being offered to "specified categories of investors," though Genfit didn't provide further details.

Genfit has granted the underwriters of the global offering a 30-day option to purchase up to 997,500 additional ADSs and/or ordinary share, representing 15 percent of the ADSs and/or ordinary shares to be issued. 

SVB Leerink and Barclays are joint global coordinators for the global offering and joint bookrunners for the ADS offering. Roth Capital Partners and HC Wainwright & Co. are co-managers of the ADS Offering.  Bryan, Garnier & Co. and Natixis are joint bookrunners for the European private placement.

The ADS offering and the European private placement are expected to close simultaneously on March 29.

Genfit, which has facilities in Lille and Paris in France and Cambridge in the US, expects to use about €5.3 million ($6.0 million) to advance the commercial development of its in vitro laboratory-developed diagnostic test to identify patients with nonalcoholic steatohepatitis. It anticipates using part of the funding to complete work required to obtain regulatory approval for its IVD kit.

The firm's ordinary shares are listed on Euronext Paris. Its ADSs have been approved for listing on the Nasdaq Global Select Market.