Norovirus vaccine developer HilleVax (HLVX) shares rose 10% following its upsized $200M initial public offering.
Shares of HLVX opened at $18.76 after pricing at $17 per share. The stock recently changed hands at $18.70, up 10%, at approximately 12:00 p.m. ET.
HLVX offered approximately 11.8M shares priced at $17 per share, raising around $200M. Underwriters were granted a 30-day option to buy up to 1.8M additional shares at the IPO price. J.P. Morgan, SVB Securities, Stifel and Guggenheim Securities were serving as joint bookrunners on the deal.
Boston-based HilleVax (HLVX) has been developing virus-like particle, or VLP, based vaccine called HIL-214 for the prevention of moderate-to-severe acute gastroenteritis caused by norovirus infection. The company plans to begin Phase 2B testing of the product for infants during the second half of 2022.
HIL-214 is licensed from Japanese drugmaker Takeda (TAK), which holds a roughly 9% stake in HLVX. Healthcare VC firm Frazier Life Sciences hold another 44%.
For a more in-depth look at HilleVax (HLVX), check out SA contributor Donovan Jones’s “HilleVax Targets $100M IPO for Acute Gastroenteritis Vaccine”.