April 27, 2018 / 5:51 AM / 6 months ago

UPDATE 1-Swiss drugmaker Polyphor sets IPO price range at 30-40 Sfr/share

(Adds details, background)

ZURICH, April 27 (Reuters) - Specialty pharmaceuticals company Polyphor IPO-POLY.S on Friday announced a price range of 30-40 Swiss francs ($30.33-$40.44) per share for its flotation, the latest company to seek a listing on the Swiss stock exchange.

The Swiss company said it is aiming to raise 100-150 million francs in an all-primary offering, with trading expected to start on or around May 15.

Polyphor said it would use the funds to develop Murepavadin, a drug to treat a strain of pneumonia with high levels of mortality.

The Allschwil-based company does not yet have approved drugs but is working on the novel antibiotic against the bacteria pseudomonas aeruginosa, which can be deadly in people with compromised immune systems.

The market for Murepavadin is worth up to $3 billion, Polyphor said.

Bookbuilding would run from April 27 to May 14, with the company issuing 3.33 million new shares, with up to 1.33 million additional new shares offered depending on demand.

An extra 333,000 shares - equivalent to 10 percent of the base offering - could also be offered in an over-allotment option, Polyphor said.

Current shareholders will invest roughly 15 million francs, while management and board members will also make an investment in the IPO, with the shares they acquire subject to a 12-month lockup period, the company added.

Its plans for the initial public offering were first reported by Reuters last month.

UBS AG and Deutsche Bank AG are acting as joint global coordinators and joint bookrunners and Zuercher Kantonalbank and Cantor Fitzgerald as co-lead managers.

The proposed listing is the latest in a series on the Swiss bourse this year.

Transport company Ceva Logistics announced its intention to float on Monday following IPOs by sensor maker Sensiron, medical devices maker Medartis and a listing by social network group ASMALLWORLD in March.

But Chinese conglomerate HNA Group shelved plans to float airline caterer Gategroup and ground services and cargo handling unit Swissport, citing turbulent markets. ($1 = 0.9890 Swiss francs) (Reporting by John Revill; Editing by Biju Dwarakanath and Michael Shields)

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