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    BIIB   US09062X1037

BIOGEN INC.

(BIIB)
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SoftBank-backed Vir Biotechnology's shares tumble in market debut

10/11/2019 | 03:01pm EDT
FILE PHOTO: Japan's SoftBank Group Corp Chief Executive Masayoshi Son bows his head after his presentation at a news conference in Tokyo

(Reuters) - Shares of SoftBank-backed Vir Biotechnology Inc fell as much as 28% in one of the worst market debuts in recent months, adding to the gloom in the IPO market after WeWork's failed attempt to list its stock.

Vir's disastrous IPO deals another blow to Japan's SoftBank, which is still smarting from the botched initial public offering of WeWork last month following increased investor skepticism regarding the office-sharing startup's path to profitability.

SoftBank's $100-billion (78.9 billion pounds) Vision Fund owns 19.8% of Vir after the offering, a slight decrease from its pre-IPO stake of 21.2%. (https://bit.ly/318hWfg)

Investors and experts tracking recent IPOs believe companies thinking of going public in the next 12-18 months would be extremely wary of the recent backlash against loss-making firms.

Vir posted revenue of $10.7 million for 2018, a nearly four-fold jump from a year earlier, but its losses also ballooned by 66% to roughly $116 million in the same period.

Shares of the San Francisco-based infectious disease researcher opened at $16.15 after its initial public offering was priced at the low end of its $20 to $22 per share price range. It raised $142.9 million from the offering.

At the day's low of $14.17, the company was valued at slightly over $1.5 billion.

Vir researches new therapies for infectious diseases such as hepatitis, tuberculosis and HIV, and counts some of the most high-profile investors in the industry among its backers.

Co-founded by Arch Venture Partners' Robert Nelsen, both SoftBank's Vision Fund and the Bill & Melinda Gates Foundation are among its biggest backers. Biogen Inc's former Chief Executive Officer George Scangos is its CEO.

JP Morgan, Goldman Sachs, Cowen and Barclays are among the lead underwriters for Vir's IPO.

(Reporting by C Nivedita and Abhishek Manikandan in Bengaluru; Editing by Shailesh Kuber and Anil D'Silva)


ę Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BIOGEN INC. -0.45% 336.59 Delayed Quote.38.08%
SOFTBANK GROUP CORP. -0.82% 6781 End-of-day quote.-15.85%
THE GOLDMAN SACHS GROUP, INC. 1.70% 384.3 Delayed Quote.45.73%
THE LEAD CO., INC. -1.98% 694 End-of-day quote.-17.38%
VIR BIOTECHNOLOGY, INC. 1.64% 37.71 Delayed Quote.40.81%
VISION INC. -0.90% 1103 End-of-day quote.6.47%
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Financials (USD)
Sales 2021 10 802 M - -
Net income 2021 2 039 M - -
Net Debt 2021 1 736 M - -
P/E ratio 2021 24,7x
Yield 2021 -
Capitalization 50 163 M 50 163 M -
EV / Sales 2021 4,80x
EV / Sales 2022 4,37x
Nbr of Employees 9 100
Free-Float 84,9%
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Number of Analysts 33
Last Close Price 336,59 $
Average target price 420,78 $
Spread / Average Target 25,0%
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Michel Vounatsos Chief Executive Officer & Director
Michael R. McDonnell Chief Financial Officer & Executive Vice President
Stelios Papadopoulos Chairman
Alfred W. Sandrock Executive Vice President-Research & Development
Mark Hernon Chief Information Officer & Senior Vice President
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