23.10.2014 - Just one day before its planned initial listing, Swiss Molecular Partners has cancelled its IPO. The reason: "unfavourable market conditions".
It was supposed to be the first biotech going public on the Swiss Exchange since 2009. But now, Schlieren-based Molecular Partners AG has announced that it is postponing its IPO – indefinitely. Initially, the Swiss company was hoping to bring in €145m, with each share costing between CHF28-35 (€23-29). This would have priced the company’s total worth at €500m. Now, however, the plans are off the table.
Although the company is not ruling out another IPO attempt at a later date, it is now focussing on the further development of their product pipeline. Molecular Partners specialises in protein-based drugs, so-called DARPins for the treatment of eye disease and cancer. These protein therapeutics that are derived from the protein Ankyrin can bind antigenes, similar to antibodies. Together with US partner Allergan, the biotech is developing its most advanced product candidate, Abicipar, for the treatment of wet AMD.
So far, Molecular partners has been financed by venture capitalists Essex Woodlands, Index Ventures, Johnson & Johnson Development Corporation, BB Biotech Ventures and Endeavour Vision. In addition to €46m in venture capital, the company also collected €133m in payments from partnerships.
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