VectivBio shares drop 16% after public offering prices

By Chris Wack

Shares of VectivBio Holding AG fell 16% to $5 on Wednesday after the company announced it had priced a follow-on public offering of about 5.7 million ordinary shares at 5.25 dollars each for proceeds of $30 million.

The company said it has granted the underwriters a 30-day option to purchase up to 857,250 additional shares at the public offering price.

The offering is expected to close on or around Friday, VectivBio said.

VectivBio also announced that it has entered into a share purchase and subscription agreement with Forbion Growth Opportunities Fund II Cooperatief UA, under which Forbion will purchase approximately 3.5 million shares at $5.75 each, for proceeds of $20 million in a concurrent private placement. The weighted average price per common share under the public offering and the private placement is $5.44 per share.

VectivBio has stated that it intends to use the net proceeds of the public offering and concurrent private placement, together with its existing cash and cash equivalents, to fund clinical development and pre-commercialization activities of its primary product candidate and general business needs, including general operations and administrative expenses and working capital.

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