Nanobiotix raises €85M in oversubscribed global offering
What's the deal? Nanobiotix, a late-clinical stage biotech company developing physics-based cancer treatments, has priced an oversubscribed global offering worth approximately €85M ($98.6M) in gross proceeds. The Paris- and Cambridge-based company sold 225,373 American Depositary Shares in the US at $38.98 each, alongside 1,959,289 ordinary shares and 345,099 pre-funded warrants in Europe and other international markets at €33.60 per share.
Jefferies, TD Cowen, and Stifel served as global coordinators and joint bookrunners.
Why now? The offering was authorised under a delegation granted by Nanobiotix's shareholders' meeting held on May 19, 2025, and priced on May 21, 2026. The subscription price was set at a 14.92% discount to the volume-weighted average share price on Euronext Paris over the three trading sessions prior to pricing.
The fact that the offering was oversubscribed suggests strong investor appetite for the company's pipeline at this stage of development.
What could go wrong? The offering was made without preferential subscription rights for existing shareholders, meaning current holders face dilution. Nanobiotix issued over 2.1 million new ordinary shares plus 345,099 pre-funded warrants that could convert into additional shares.
As a late-clinical stage company, Nanobiotix still faces the inherent risks of drug development — regulatory hurdles, trial outcomes, and the long road to commercialisation. The nearly 15% discount to recent trading prices also signals the cost of raising capital at this stage.
The signal: Oversubscribed biotech offerings point to renewed investor confidence in the sector after a prolonged funding drought. Nanobiotix's dual-listed structure — trading on both Euronext and NASDAQ — allowed it to tap both US and European capital pools simultaneously, a model that more European biotechs may look to replicate.
The deal also reflects a broader trend of late-stage biotechs returning to public markets for growth capital rather than relying solely on private rounds or pharma partnerships.
