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Name | Symbol | Market | Type |
---|---|---|---|
Nestle SA (PK) | USOTC:NSRGY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 0.06% | 101.20 | 101.18 | 102.21 | 102.17 | 101.12 | 102.12 | 594,323 | 22:20:00 |
By Colin Kellaher
Axcella Health Inc., a biotechnology startup backed by Nestle S.A. (NESN.EB) and Fidelity Investments, on Tuesday said it set its initial public offering at 3.57 million shares, with an expected price range of $20 to $22 a share.
At the midpoint of the expected range, the Cambridge, Mass., company said it expects net proceeds of about $66.6 million, or roughly $77.1 million if the underwriters exercise their option to buy an additional 535,714 shares.
Axcella said it will have about 23 million shares outstanding after the IPO, for a valuation of about $483 million at the $21-a-share midpoint.
Axcella, which is developing drugs aimed at regulating the human metabolism, said it will use the proceeds to advance its current liver and other programs.
Axcella was founded in 2008 by Flagship Pioneering, which finances and launches life-sciences startups. The company has raised about $200 million in capital from investors including Flagship, Fidelity, Nestle, and growth and venture firm Gurnet Point Capital Ltd.
According to a filing with the Securities and Exchange Commission, Flagship will hold a 35.9% stake in Axcella after the IPO, while Fidelity will owns 11.1%, Nestle will hold 8.8% and Gurnet Point will own 5.6%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 30, 2019 10:38 ET (14:38 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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