Date: 2016-09-14
Type of information: Capital increase
Company: Theradiag (France)
Investors: HOB Biotech (China)
Amount: € 2.5 million
Funding type: capital increase
Planned used: This capital increase follows on from the partnership HOB Biotech entered into last November between the two companies and strengthens their cooperation. Under this partnership, HOB Biotech is handling the registration of LISA TRACKER® with the Chinese authorities and will become its exclusive distributor in China and Asia. Theradiag will handle the European distribution of HOB Biotech’s allergy and autoimmune in vitro diagnostics. It will also be in charge of the Tracker tests developed on the new BioCLIA instrument to which Theradiag holds exclusive marketing rights in Europe. This full range of tests is being developed as part of cooperation between both companies’ R&D teams. The development of the Lisa Tracker range and in particular the BioCLIA instrument also harbor substantial sales potential in the medium term in both the Chinese and European markets.
Others: * On September 14, 2016, Theradiag announced that the company carried out a capital increase fully subscribed by its Chinese partner HOB Biotech, which now holds 10.77% of Theradiag’s capital following this transaction. Theradiag and HOB Biotech entered into an investment agreement on June 17 2016 for the acquisition of a stake in Theradiag. This agreement was contingent upon consent being obtained from the Chinese authorities and especially from the “Foreign exchange control administration and development and reform committee”. With this consent now awarded, HOB Biotech was able to subscribe to Theradiag’s capital increase. Thus, Theradiag will issue 741,056 new shares for €2,482,537.60 in total consideration as part of an increase in the share capital by private placement. The shares will be issued without preferential subscription rights to existing shareholders, reserved for one category of beneficiaries, pursuant to the Fourteenth resolution approved by shareholders at the April 26, 2016 General Meeting and as authorized by the Board of Directors on May 12, 2016. The new shares were subscribed for €3.35 per share, representing a premium of 31% to the average closing price of Theradiag shares in the 10 trading sessions prior to the date on which the investment agreement was entered into on June 17 2016. It represents a premium of 9% over the last 10 days of trading preceding the pricing of the capital increase.
The new shares will bear dividend entitlement and will be listed on the Alternext Paris market, under the same code as the existing share, code ISIN FR0004197747, mnemonic : ALTER. Theradiag’s share capital will account for 6,881,928 shares at the settlement date, which was foreseen September 15, 2016.
HOB Biotech will be able to nominate a new member for appointment to Theradiag’s Board of Directors. Theradiag retained Brunswick Société d’Avocats as an advisor in connection with the legal aspects of the transaction.
Therapeutic area: Autoimmune diseases – Inflammatory diseases - Rheumatic diseases - Digestive diseases - Diagnostic
