Date: 2015-04-23
Type of information: IPO
Company: Nordic Nanovector (Norway)
Investors:
Amount: NOK 575 million (€ 66.6 million)
Funding type: IPO
Planned used: Nordic Nanovector was established in 2009 and has its main office and laboratories in Oslo, Norway. The Company aspires to become a leading provider of Antibody-Radionuclide-Conjugate (“ARC”) clinical solutions, to address major unmet medical needs and to advance cancer care through its innovative therapy programs and patented technologies. The Company intends to directly commercialize its product candidates, by creating a differentiated and specific positioning, investing in cross-specialty collaboration and medical education. The Company is also committed to continue developing the ARC pipeline leveraging on its proprietary nanovector targeting technology. The Company’s lead product candidate, Betalutin™, is an Antibody-Radionuclide-Conjugate that aims to prolong the survival and improve the quality of life of patients who suffer from non-Hodgkin Lymphoma (NHL). The product candidate is currently undergoing a Phase I/II clinical trial for treatment of relapsed NHL.
Others: * On April 23, 2015, Nordic Nanovector’s board of directors has resolved, pursuant to an authorisation granted by the annual general meeting held on 9 March 2015, to increase the share capital of the Company by issuance of 2,343,750 new shares to ABG Sundal Collier Norge ASA at a price per share equal to the offer price in the Offering (i.e. NOK 32) under the over-allotment option granted to ABG Sundal Collier Norge ASA (on behalf of the managers for the Offering). Following the issuance of the new shares, the share capital of Nordic Nanovector will be NOK 8,903,808.20 divided into 44,519,041 shares with a nominal value of NOK 0.20 each and Nordic Nanovector will receive NOK 75 million in additional proceeds from the Offering and accordingly, total gross proceeds from the Offering increases to NOK 575 million. * On April 22, 2015, Reference is made to the announcement issued by Nordic Nanovector and ABG Sundal Collier Norge ASA (the "Stabilisation Manager") on 20 March 2015 regarding potential stabilisation activities in respect of the shares in Nordic Nanovector in the period from 23 March 2015 to and including 21 April 2015 in connection with Nordic Nanovector’s initial public offering. The Stabilisation Manager hereby gives notice that no stabilisation purchases have been undertaken in relation to the shares in Nordic Nanovector and that no further stabilisation activities will be carried out.The Stabilisation Manager has exercised the option to purchase from the Company 2,343,750 new shares in the Company , equalling 15% of the aggregate number of new shares allocated in the Offering, at a price per share of NOK 32, which is equal to the offer price in the Offering. * On March 20, 2015, Nordic Nanovector announced the successful completion of the bookbuilding period for its initial public offering. The company will issue 15,625,000 new shares in connection with the Offering, raising gross proceeds of NOK 500 million (€ 58 million). There will in total be 42,175,291 shares in issue following the issuance of the new shares. The Managers (as defined below) have over-allotted 2,343,750 shares, representing 15% of the number of shares issued and sold in the Offering before over-allotments, and exercised their option to borrow an equal number of shares from HealthCap VI L.P. for the purpose of covering such over-allotments. The shares are priced at NOK 32 per share. The price implies a market capitalisation of Nordic Nanovector of approximately NOK 1,350 million (€156 milion)). * On March 17, 2015, Nordic Nanovector announced that the company has decided to increase the capital raised in the Offering from approximately NOK 400 million to approximately NOK 500 million (pre potential over-allotment option). Further, the Company has decided to narrow the indicative price range to NOK 31 to NOK 32 per share. * On March 11, 2015, Nordic Nanovector launchec its IPO on the Oslo Stock Exchange. Subject to the successful completion of the Offering, the shares of Nordic Nanovector are expected to be admitted to listing and commence trading on the Oslo Stock Exchange on or about 23 March 2015. The Offer Shares are expected to be offered for sale at a price between NOK 27 and NOK 33 per Offer Share, corresponding to a pre-money equity value (excluding issuance of new shares) of between NOK 717 million and NOK 876 million. The Offering consists of an offer of new shares to be issued by the Company to raise an amount of approximately NOK 400 million. On February 25, 2015, the board of directors of the Oslo Stock Exchange approved Nordic Nanovector’s listing application and resolved to admit the shares of the Company to listing on the Oslo Stock Exchange, subject to the Company publishing an approved prospectus prior to the first day of listing. The board of directors of Oslo Stock Exchange authorised the chief executive officer of Oslo Stock Exchange to fix the date of the first day of listing, which is to be no later than 10 April 2015. The first day of listing on the Oslo Stock Exchange is expected to be end of March 2015. * On January 29, 2015, the Board of Directors of Nordic Nanovector has submitted an application for listing of its shares on the Oslo Stock Exchange. Completion of the initial public offering will be subject to receiving the relevant approvals from the Oslo Stock Exchange as well as the prevailing equity capital market conditions. Pre-marketing of the IPO is expected to commence during the first quarter of 2015.
Therapeutic area: Cancer - Oncology - Rare diseases
