Fundraisings and IPOs

Date: 2013-11-20

Type of information: Capital increase

Company: Innate Pharma (France)

Investors: US-based specialist institutional investors including QVT Financial, Redmile Groupe and Orbimed

Amount: € 20.3 million

Funding type: capital increase

Planned used:

This capital increase will give the Company the means to finance its portfolio of proprietary candidates to 2017.


* On November 20, 2013, Innate Pharma, the innate immunity company developing first-in-class drug candidates for cancer and inflammatory diseases, has announced the completion of its private placement directed to US-based specialized institutional investors. The company has raised €20.3 million corresponding to 7.6 million new ordinary shares which will be issued. The subscription price of each new share is €2.67. The capital increase was placed entirely with US-based institutional investors specializing in the sector including funds managed by QVT Financial and Redmile Groupe. Orbimed has also acquired more than 5% of the share capital of Innate Pharma. The capital increase amounts to 20% of the share capital and represents a dilution of 16.66% for the existing shareholders.
* On November 18, 2013, Innate Pharma has announced the launch of a private placement to specialized institutional investors, mainly located in the United-States, with the objective of raising about 18 million euros. The private placement was launched after market close on November 15.
The capital increase will be carried out without shareholders’ preferential subscription rights. As per Article L. 225-136 of the French « Code de commerce » and Resolution 20 of the Mixed Shareholders Meeting of June 28, 2013, it will only be open to “qualified investors and/or small groups of investors acting for their own account”, as defined by article L. 411-2 II of the French Monetary and Financial Code. As per Resolution 20 of the Mixed Shareholders Meeting of June 28, 2013, the maximum size of the capital increase will be 7.6 million new shares, representing almost 20% of the current share capital of the Company.
The issue price of the new shares will be set in accordance with the provisions of Article R. 225-119 of the French « Code de commerce » and will be at least equal to the volume weighted average price of Innate Pharma shares over the three trading days prior to the pricing date, with a potential discount to that price not to exceed 5%.

Therapeutic area: Cancer - Oncology - Autoimmune diseases

Is general: Yes