Nanobiotix Closes Global Offering, Raises Over €50 Million
Biotechnology company Nanobiotix has completed its global follow-on offering, including a concurrent private placement with Johnson & Johnson Innovation. The company secured approximately €50.9 million in gross proceeds.
PARIS and CAMBRIDGE, Mass. – Nanobiotix, a late-stage clinical biotechnology company focused on cancer treatments, announced the closing of its global follow-on offering. The offering, which concluded on November 7, 2023, generated approximately €50.9 million in gross proceeds before expenses.
The global offering consisted of 3,786,907 American Depositary Shares (ADSs) in the United States, priced at $5.36 per ADS, including shares issued upon partial exercise of the underwriters' option. Additionally, 2,492,223 ordinary shares were sold to qualified investors in Europe at a price of €5.07 per share.
As part of a concurrent private placement, Johnson & Johnson Innovation – JJDC, Inc. (JJDC) agreed to subscribe for $25 million of restricted ADSs. Due to French foreign investment control rules, JJDC's initial subscription was reduced to $20.2 million to maintain a stake below the 9.99% regulatory cap. JJDC is expected to subscribe for the remaining portion upon French Ministry of Economy approval.
Nanobiotix anticipates that the net proceeds from the global offering and the initial private placement will be sufficient to fund its operations into the first quarter of 2025. With the potential receipt of a milestone payment from Janssen, this funding could extend into the second quarter of 2025.