Novavax Vaccine-Ingredient Supplier PolyPeptide Plans Swiss IPO

(Bloomberg) -- Novavax Inc. partner PolyPeptide Group AG said it intends to seek an initial public offering on the Swiss Stock Exchange in the second quarter, giving public investors exposure to a company that supplies ingredients for a coronavirus vaccine candidate.

The contract manufacturer plans to float 40% of its post-IPO share capital, with the share placement to consist of both new and existing shares, it said in a statement Monday.

The company makes therapeutic peptides, or short strings of amino acids that are the building blocks of proteins, that are largely used by pharmaceutical and biotech companies, including Covid-19 vaccine developer Novavax.

PolyPeptide reported revenue of 223 million euros ($265 million) and adjusted earnings of 62 million euros for 2020. The company expects to use the IPO proceeds to fund capital expenditure and expansion into adjacent areas such as oligonucleotides, which are short DNA or RNA molecules, and neoantigen, or mutated cancer protein, therapies.

Credit Suisse Group AG, Morgan Stanley and Bank of America Corp. are joint global coordinators for the planned offering. Berenberg, Danske Bank A/S and Zuercher Kantonalbank are joint bookrunners. Rothschild & Co. is the independent financial adviser to PolyPeptide.

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