Adocia _ first 2012 IPO
Lyon – The sale of 1.6 million shares brought in €25.3m for French Adocia SAS during its IPO on the Euronext Paris. The price of €15.88 values the diabetes specialist at €96.1m at the upper end of the bookbuilding range. Late last year, Adocia partnered with Eli Lilly to develop and commercialise a version of Lilly’s Humalog insulin lispro. Adocia’s technology enhances protein solubility and protects against enzyme degradation, thereby extending the protein’s action time. The firm’s internal lead product is PDGF-BB, which will begin Phase III testing in the third quarter of 2012 for diabetic foot ulcers. Adocia is not just the first European Biotech IPO in 2012 – it’s the first in the last nine months.