Date: 2014-12-05
Type of information: IPO
Company: Molecular Partners (Switzerland)
Investors:
Amount: CHF 106.2 million
Funding type: IPO
Planned used: The funds will be used to advance and expand Molecular Partners\' proprietary pipeline and technology platform. The company focuses on the discovery and development of a pioneering class of protein therapies called DARPins™, with a focus on ophtalmological diseases and canc. Its most advanced product candidate, abicipar pegol (Abicipar), is partnered with Allergan, and is being developed for the treatment of wet age?related macular degeneration (or wet-AMD). Abicipar is also being developed for diabetic macular edema. Allergan expects to initiate a Phase III clinical trial for Abicipar in wet?AMD in the second
quarter of 2015. Other activities in the area of ophthalmology include development of a preclinical stage multi-benefit DARPin™ partnered with Allergan that is designed to inhibit vascular endothelial growth factor A (VEGF) and platelet derived growth factor (PDGF). In oncology, Molecular Partners’ most advanced proprietary product candidate is MP0250, a multi?benefit DARPin™ that targets VEGF and hepatocyte growth factor (HGF), two key pathways involved in tumor growth. MP0250 is currently in Phase I clinical development for the treatment of a variety of solid tumors. In addition, the company is developing MP0274, a proprietary product candidate in early preclinical development that is designed to bind to human epidermal growth factor receptor 2 (or HER2), a receptor protein that promotes the growth of cancer cells. MP0274 is being developed as a potentially more potent alternative to enhance efficacy versus currently marketed HER2-targeted therapies.
Others: * On December 5, 2014,Molecular Partners announced that the total offer size of the initial public offering amounts to CHF 106.2 million, of which gross proceeds from the primary shares issued are CHF 104.1 million. The Joint Bookrunners of Molecular Partners' IPO have partially exercised the over-allotment option at the offer price of CHF 22.40 per share. Including the exercise of the over-allotment option of 340,140 new registered shares, the IPO resulted in the issuance of a total of 4,740,140 shares, corresponding to 24.1% of the share capital. The aggregate number of shares in issue after the partial exercise of the over-allotment option is 19,640,140 registered shares with a nominal value of CHF 0.10 each. The free float therefore amounts to 24.3%. J.P. Morgan acted as the Sole Global Coordinator and Joint Bookrunner and UBS Investment Bank acted as Joint Bookrunner. Cowen and Company and Bank am Bellevue acted as Co-Managers in connection with the IPO. * On November 4, 2014, Molecular Partners has successfully priced its IPO post re-launch and lists its shares on SIX Swiss Exchange. The company has successfully allocated 4,400,000 shares with a nominal value of CHF 0.10 each to institutional Swiss and international investors as well as to private domestic investors. The offer price of CHF 22.4 per offered registered share (Offer Price) implies a post money market capitalisation of approximately CHF485 million on a fully-diluted basis (prior to exercise of the over-allotment option). The shares are expected to commence trading on Wednesday, 5 November on SIX Swiss Exchange. The total base offer (Base Offer) consisted of 4,400,000 registered shares (Offered Shares) offered by Molecular Partners, comprising 4,307,000 newly-issued registered shares and 93,000 existing registered shares to be sold by the company on behalf of certain management and founding shareholders, solely in order for them to cover wealth tax liabilities in connection with the IPO. Molecular Partners has also granted the syndicate banks an over-allotment option of up to 660,000 newly-issued registered shares, which can be exercised within 30 calendar days after the first day of trading on SIX Swiss Exchange. * On October 21, 2014. Molecular Partners announced today that due to adverse market conditions the Initial Public Offering (IPO) on SIX Swiss Exchange has been put on hold until further notice. The bookbuilding process commenced on 8 October 2014 and ended on 21 October. The first trading day of Molecular Partners AG\'s registered shares on SIX Swiss Exchange was originally planned to take place on Wednesday, 22 October 2014. * On October 8, 2014, Molecular Partners announced the launch of its initial public offering (IPO) on SIX Swiss Exchange with the publication of the offering and listing memorandum and the start of the bookbuilding process. The price range for the offered registered shares with a nominal value of CHF 0.10 each has been set at CHF 28 to CHF 35, which implies a pre-money equity value on a fully-diluted basis of approximately CHF 490 million to CHF 610 million for the company before considering the primary proceeds (and prior to exercise of the over-allotment option). The total base offer (Base Offer) will consist of up to 4,400,000 offered registered shares (Offered Shares) to be offered by Molecular Partners, comprising 4,307,000 newly-issued registered shares and 93,000 existing registered shares to be acquired by the Company from certain management shareholders and founders, solely in order for them to cover tax liabilities in connection with the IPO. Molecular Partners has also granted the syndicate banks an over-allotment option of up to 660,000 newly-issued registered shares, which can be exercised within 30 calendar days after the first day of trading on the SIX Swiss Exchange. In relation to the issued share capital post IPO, the number of Offered Shares of up to 4,400,000 registered shares will represent approximately 22.8% of the issued share capital upon completion of the offering (prior to exercise of the over-allotment option). The over-allotment option of up to 660,000 registered shares corresponds to approximately 15% of the Base Offer. The founders and executive management consider themselves to be long-term shareholders. Molecular Partners AG, management shareholders, the members of the Board of Directors and certain other shareholders have committed to lock-up arrangements customary for such a transaction. Gross proceeds will range from CHF 121 million to 151 million (prior to exercise of the over-allotment option). Molecular Partners intends to use the proceeds to fund the continued development of proprietary
Therapeutic area: Cancer - Oncology - Ophtalmological diseases
