Nexvet Biopharma (NVET) IPO Opens Down 9%

Today's IPO for Nexvet Biopharma (Nasdaq: NVET) opened for trading at $9.12 after pricing 4,000,000 ordinary shares at a price to the public of $10.00 per share, below the expected $13.00-$16.00 range.

BofA Merrill Lynch and Cowen and Company are acting as joint lead book-running managers for the offering. Piper Jaffray and JMP Securities are acting as co-managers.

Nexvet Biopharma is a clinical-stage biopharmaceutical company focused on transforming the therapeutic market for companion animals by developing and commercializing novel, species-specific biologics based on human biologics. Biologics are therapeutic proteins derived from biological sources. As a class, biologics have transformed human medicine in recent decades and represent some of the top-selling therapies on the market today. The company's proprietary platform, which they refer to as “PETization,” is an algorithmic approach that enables the company to rapidly create monoclonal antibodies that are designed to be recognized as “self” or “native” by an animal’s immune system, a property they refer to as “100% species-specificity.” PETization is also designed to build upon the safety and efficacy data from clinically tested human therapies to create new therapies for companion animals, thereby reducing clinical risk and development cost.

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