Swiss biopharmaceutical company, Polyphor said it has set the offer price for its shares in the initial public offering, IPO, at CHF 38 per share.
Polyphor said in a statement that the shares of the Company will commence trading on SIX Swiss Exchange today.
The total placement volume, including Greenshoe Option as outlined below, amounts to CHF 165 million (assuming full exercise of the Greenshoe Option). The offer price of CHF 38 implies a total market capitalisation of CHF 420 million and free float is expected to amount to approximately 37 per cent of the then issued share capital (assuming full exercise of the Greenshoe Option).
Giacomo Di Nepi, Chief Executive Officer of Polyphor, said: “I am delighted that our Initial Public Offering was so successful. The listing on the SIX Swiss Exchange allows us to raise CHF 165 million to bring our products to patients affected by infections and hospital pneumonia and to women with metastatic breast cancer as well as to fund our future. Our IPO is the largest biotech IPO in Switzerland in over 10 years and one of the top three in Europe in the last three years in terms of proceeds raised by an issuer to finance the development of its pipeline. I would like to thank all investors who placed their trust in our science, team and programs and all the colleagues and professionals who supported us throughout the process.”
The syndicate banks placed a total of 4,342,110 newly issued registered shares with investors. Of this total, 2,631,580 shares were from the base offering and 1,447,370 shares were issued pursuant to the fully exercised upsize option, corresponding to a total of CHF155 million in gross proceeds for Polyphor. The remaining 263,160 shares were over-allotted. These shares were sourced from existing shares lent by shareholders. To cover such over-allotments, the Company has granted the syndicate banks an option to purchase up to 263,160 newly issued additional shares (the “Greenshoe Option”). The Greenshoe Option may be exercised partly or in full by the Joint Global Coordinators until 14 June 2018. If the Greenshoe Option is fully exercised, this will add gross proceeds of CHF 10 million for the Company.
As a result of the IPO and the related capital increases, the total share capital of the Company will amount to CHF 22,081,506, divided into 11,040,753 shares with a par value of CHF 2.00 each, assuming full exercise of the Greenshoe Option.
The funds raised from the IPO will primarily be used to fund the continued development of Polyphor’s lead product candidate murepavadin towards regulatory approval and further progress the development of balixafortide.
The Company has committed to a lock-up period of six months from the first day of trading. All existing shareholders, members of the Board of Directors and members of the Group Executive Board are subject to a lock-up undertaking for a period of 12 months from the first day of trading.
The shares of Polyphor will start trading on SIX Swiss Exchange (International Reporting Standard) today under the ticker symbol “POLN”. Settlement is expected to take place on or around 17 May 2018.
UBS AG and Deutsche Bank AG are acting as Joint Global Coordinators and Joint Bookrunners for the IPO and Cantonal Bank of Zurich and Cantor Fitzgerald are acting as Co-Lead Managers. Octavian is acting as Selling Agent. Skadden, Arps, Slate, Meagher & Flom LLP and VISCHER AG are acting as legal advisors to Polyphor. Linklaters LLP and Bär & Karrer Ltd. are representing the Managers.