FranceFrance

Exonhit floats Dutch

26.11.2005

Paris - ExonHit Therapeutics, a French drug and diagnostic discovery company, launched its initial public offering on the Alternext market of Euronext Paris. The company offered 1,000,000 new shares, representing approximately 5.20% of its share capital in a so-called Dutch auction, which closed after the editorial deadline for this issue of EuroBiotechNews. In a Dutch auction only an indicative price range, but no bookbuilding span, is given. Thus ExonHit shares may cost more or less than the indicatve span of Euro2.50 to Euro2.89. After all applicants have placed their bids calling at an individually defined price the auctioneer assigns shares firstly to the highest asking prices and lowers them stepwise until all shares are distributed. This type of auction is convenient when it is important to auction quickly, since a transaction never requires more than one bid. One year ago, already Google used a Dutch auction during the IPO.
Valuation 54-60 million euros
ExonHit Therapeutics will grant to SG Corporate & Investment Banking, Sole Bookrunner, an option allowing it to subscribe for a further 15% of the shares issued. Trading in ExonHit Therapeutics shares on Alternext will start on November 18. On the basis of the indicative price range mentioned above, the market capitalization of ExonHit should stand between Euro54.6 million and Euro62.5 million after completion of the envisaged capital increase. ExonHit is active in the field of alternative RNA splicing, by which a single gene can express to several proteins. ExonHit's proprietary gene profiling technology is utilized to identify genes whose splice variants produce abnormal proteins which may trigger or contribute to the development of disease. The company's strategy is the application biological information in the fields of drug discovery, diagnostics and biochips.

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