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Ablynx raises €31.5m

01.03.2013 - Single-chain antibody specialist Ablynx has raised €31.5m through a private placement of new shares using an accelerated bookbuilding procedure.

The Ghent-based company placed 4,377,919 new shares at a price of 7.2 per share to institutional investors – a 6.7% discount on the previous closing price. This brings the total number of shares after the issue on 5 March to 48,157,116. The private placement was oversubscribed and certain pre-IPO shareholders and warrant holders sold 1,872,081 shares at the same price in conjunction with this transaction.

Ablynx said it will use the money to develop further its rheumatoid arthritis nanobody ALX-0061, which delivered positive interim Phase II results in mid- February. The company said the cash injection will give it more flexibility in the structure and timing of potential licence deals for its candidate drugs caplacizumab (anti-vWF) and ALX-0171 (anti-RSV). Additionally, Ablynx said it plans to drive its pre-clinical programmes forward. Ablynx investor KBC Securities NV acted as Global Coordinator and together with Bryan, Garnier & Co. Ltd and Nomura Code Securities Ltd as Joint Bookrunners for the placement.

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http://www.european-biotechnology-news.com/news/news/2013-01/ablynx-raises-eur315m.html

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