Date: 2015-05-20
Type of information: Private placement
Company: Ablynx (Belgium)
Investors:
Amount: € 100 million
Funding type: private placement
Planned used: Ablynx intends to use the majority of the net proceeds of the offering to accelerate the development of its proprietary clinical pipeline, initiate pre-commercial activities and to advance earlier stage wholly-owned product candidates into the clinic. Major activities include: 2. The further clinical development of ALX-0171, its first-in-class, wholly owned, trivalent, inhaled Nanobody for the treatment of respiratory syncytial virus (RSV) infection in infants. Results from the first-in-infant Phase IIa clinical trial, which will include data from >50 centres in Europe and the Asia-Pacific region, are expected in H1 2016. Assuming the results support further development, Ablynx intends to rapidly progress ALX-0171 into a global Phase IIb study, potentially comprising more than 150 infants, in late 2016; 3. Accelerating the development of proprietary pre-clinical Nanobody drug candidates into the clinic, potentially covering a broad range of indications including, immuno-oncology, inflammation, auto-immune and ocular indications.
1. The further development of caplacizumab, its first-in-class, wholly-owned bivalent anti-vWF Nanobody for the treatment of thrombotic thrombocytopenic purpura (TTP), which will enter into a Phase III study in North America and Europe starting in H2 2015. The net proceeds will allow Ablynx to file for conditional approval in Europe based on available Phase II clinical results, as well as provide the flexibility to choose whether to directly participate in the commercialisation of caplacizumab;
The remainder of the net proceeds will be used for general corporate purposes.
In addition to creating value with its proprietary product pipeline, Ablynx remains focussed on the development of its multiple collaborative programmes, of which the most advanced is ALX-0061 (anti-IL- 6R), partnered with AbbVie, which is in Phase II development for rheumatoid arthritis and systemic lupus erythematosus. Ablynx\'s development activities under these collaborative programmes will continue to be partly funded from existing cash balances and future cash income streams from its partners.
Others: * On May 20, 2015, Following the two release issued on 20 May 2015, Ablynx announced the final pricing of the € 100 million 3.25% senior unsecured convertible bonds due May 2020.The Bonds will mature on 27 May 2020 (5 years), will be in dematerialised form in the denomination of € 100,000 each, will be issued at par and will be redeemed at par at maturity. The Bonds will pay a coupon of 3.25% per annum, payable semi-annually in arrears on 27 November and 27 May of each year, beginning on 27 November 2015. The actual yield to maturity of the Bonds shall be 3.25% on an annual basis. The initial price for the conversion of the bonds into Ordinary Shares of the Issuer shall be € 12.93, representing approximately a 26.5% premium above the reference price of € 10.2219, being the VWAP of the Ordinary Shares on Euronext Brussels on 20 May 2015. At the initial conversion price, the Convertible Bonds will be convertible into 7,733,952 fully paid up Ordinary Shares of the Issuer. The Bonds were offered by way of an “accelerated bookbuild offer” to qualified investors only, outside the United States, in accordance with Regulation S under the Securities Act, and may be subject to restrictions in other jurisdictions. Settlement of the Bonds is expected to occur on 27 May 2015. An application will be made to admit the Bonds to trading on the Open Market (Freiverkehr) segment of the Frankfurt Stock Exchange no later than three months following the Closing Date. BofA Merrill Lynch and J.P. Morgan acted as Joint Lead Managers for the offering. The Issuer has agreed to a lock-up ending on the date falling 90 days after the closing date of the Bonds for the issue of shares and convertible securities, subject to customary exceptions. * On May 20, 2015, with reference to the previously issued information at 7.30h CET, Ablynx announced that the placement of € 100 million senior unsecured convertible bonds due May 2020, through an “accelerated bookbuild offering”, has been successfully completed. * On May 20, 2015, Ablynx announced the launch of a private placement of € 100 million Senior Unsecured Convertible Bonds due May 2020. The Bonds will be placed through an accelerated bookbuilding process conducted by BofA Merrill Lynch and J.P. Morgan Securities plc acting as Joint Lead Managers for the private offering. The accelerated bookbuilding period will commence immediately after this announcement and is expected to end as soon as practicable. However, the Joint Lead Managers of the offering reserve the right to end the accelerated bookbuilding period at any time. The offering is being made to qualified investors only, outside the United States, in accordance with Regulation S under the Securities Act, and may be subject to restrictions in other jurisdictions.
Therapeutic area: Cancer - Oncology - Immunological diseases - Respiratory diseases
