Biopharma going public
10.07.2014 - Not one but two biopharma companies are seeking entry into the stock market: After Abzena raised €25m in an IPO earlier this week, Argen-x has followed suit and sold shares worth €40m.
Abzena Ltd. announced its intention to launch an initial public offering and placing on June 16th. The London-based company, recently formed by combining its two subsidiaries Polytherics and Antitope, applied for the admission of its shares to trading on the AIM market of the London Stock Exchange under the symbol "ABZA". Now, the drugmaker has placed 25 million new ordinary shares at a placing price of €1 per share. In addition, almost 3.4 million existing ordinary shares are being sold at the placing price. John Burt, CEO of Abzena said: "Our forthcoming admission to AIM mark important milestones in Abzena’s development and provides a platform for us to grow our existing business and expand our offering."
Abzena is scheduled to start trading on July 10th – just like antibody specialist Argen-x. The Dutch company will be listed on Euronext Brussels and under the symbol “ARGX". The offering was priced at €8.50 for each of the 4.7 million new shares issued. In addition, there is an over-allotment option to subscribe to additional new shares worth €4m, which would bring the total amount of the capital increase up to €44m. Tim Van Hauwermeiren, CEO of Argen-x said: "The funds that we have raised through our successful IPO from investors in Europe and the US will enable Argen-x to advance the clinical development of our differentiated therapeutic antibody candidates." Argen-x' partner Shire purchased shares for a total of €12m, which represents 9.1% of the capital of Argen-x, and other existing investors purchased shares for a total of around €7.2m.