September 13, 2016 / 10:30 PM / 3 years ago

Swiss biotech AC Immune sets IPO pricing range

Sept 13 (Reuters) - AC Immune SA on Tuesday set the pricing range for its keenly awaited U.S. initial public offering, valuing the Swiss biotech firm at about $700 million at the top end of the range.

AC Immune, which filed to go public in May, said it would offer 4.55 million common shares at the estimated price range of $11 to $13 per share.

The company licensed its investigational drug, crenezumab, to Roche a decade ago to target protein plaques found in brains of patients with Alzheimer’s disease. The drug has now moved into late-stage trials.

AC Immune, which is backed by German billionaire Dietmar Hopp, plans to use the proceeds from its U.S. share sale to develop separate products targeting Alzheimer’s disease.

The company is the latest among a growing list of European biotech firms, including Britain’s Adaptimmune Therapeutics Plc and French allergy drugmaker DBV Technologies, to opt for a U.S. listing.

AC Immune is led by Andrea Pfeifer, who formerly headed Nestle’s global research. (Reporting by Ankur Banerjee in Bengaluru; Editing by Anil D’Silva)

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