FRANKFURT (Reuters) - German biotechnology firm BioNTech BNTX.O said on Thursday that it would raise $150 million from its U.S. initial public offering (IPO), after it cut the price range and offer volume, making it the latest company to struggle to debut in the stock market.
BioNTech is selling 10 million American depositary shares (ADS) for $15.00 apiece, it said, giving it a valuation of $3.3 billion. Trading is slated to start on Thursday.
BioNTech had initially hoped to raise as much as $264 million in its IPO at a $4.5 billion valuation.
Although the biotechnology sector is seen as less sensitive to wider market jitters because of its specialized investor base, recent offerings suggest some young drug companies are also struggling in the current environment.
Reporting by Arno Schuetze; Editing by Tassilo Hummel