DBV Technologies Announces Closing of Global Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares

Montrouge, France, March 23, 2018

DBV Technologies Announces Closing of Global Offering and Full Exercise of Underwriters' Option to Purchase Additional Shares

DBV Technologies (the "Company") (Euronext: DBV - ISIN: FR0010417345 - Nasdaq Stock Market: DBVT), a clinical-stage biopharmaceutical company, today announced the closing of an underwritten global offering of an aggregate of 3,527,752 ordinary shares in (i) a public offering of 1,392,015 ordinary shares in the form of 2,784,030 American Depositary Shares (ADSs) in the United States, Canada and certain other countries outside Europe at a public offering price of $21.26 per ADS (on the basis of an exchange rate of $1.2246=€1.00) and (ii) a concurrent private placement of 2,135,737 ordinary shares in Europe (including France) at a public offering price of €34.71 per ordinary share. Each ADS represents the right to receive one-half of one ordinary share. The gross proceeds to the Company from the global offering are approximately $150.0 million (approximately €122.5 million), before deducting underwriting commissions and estimated offering expenses.  The ADSs are listed on the Nasdaq Global Select Market under the symbol "DBVT", and the Company's ordinary shares are listed on Euronext Paris under the symbol "DBV".

In addition, on March 22, 2018, the underwriters for the global offering exercised in full their option to purchase an additional (i) 320,360 ordinary shares and (ii) 417,604 ADSs, on the same terms and conditions (the "Option"), bringing the anticipated total gross proceeds from the global offering to approximately $172.5 million (€140.8 million).  The closing of the Option is expected to occur on March 26, 2018, subject to customary closing conditions.

Morgan Stanley and Goldman Sachs acted as joint lead book-running managers for the global offering. Barclays and Deutsche Bank Securities also served as book-running managers. Bryan, Garnier & Co. acted as a co-manager for the global offering. No stabilization activity has been undertaken and the stabilization period is now closed.

The Company plans to use the net proceeds from the global offering to fund the development and commercialization of Viaskin Peanut, to advance development of its other product candidates and for working capital and general corporate purposes. 

A registration statement on Form F-3 relating to the securities to be issued in the global offering was filed with the Securities and Exchange Commission and became automatically effective on July 27, 2016.  The public offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering was filed with the Securities and Exchange Commission and is available on the Securities and Exchange Commission's website at www.sec.gov.  Copies of the final prospectus supplement and accompanying prospectus may also be obtained for free from: Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, United States, Attention: Prospectus Department; Goldman Sachs, Attention: Prospectus Department, 200 West Street, New York, NY 10282, via telephone: [phone], facsimile: 212-902-9316 or via email: [e-mail]; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by phone at 1-888-603-5847 or by e-mail at: [e-mail]; or Deutsche Bank Securities: 60 Wall Street, New York, New York 10005-2836, Attention: Prospectus Group, Telephone: [phone], E-mail: [e-mail].