French biotech AB Science cuts IPO price range

AB Science has cut the price range of its initial public offering, which would raise nearly half of the amount from the previous mid-range price, making it the second French biotech to trim its IPO ambitions.

AB Science shares are now priced at between €12.30 and €13.00 each instead of the €13.95 to €17.05 range set earlier this month. Based on the mid-range price the biotech would raise €25.7m ($34.58m) instead of 55.5 million. AB Science's price cut follows that of Neovax, which at €10m raised only half the amount it had aimed for, in a sign that the IPO market for a sector which takes years to develop a product is still jittery. In addition to the price cut, the offering of AB Science's existing shares will fall to 726,820 shares from 2.3 million. The number of new shares on offer will remain unchanged at about 1.3 million new shares. The final price will be determined on April 23 and trading of the stock should begin on April 26. French biotech Deinove has set its IPO range between €7.50 and €9.16 and the final price will be announced later on Wednesday.