Jan 2018
Financial Adviser
€ 5.2 billion
Public Offer by German Vonovia
Vonovia
Kempen is pleased to announce that it acted as adviser to argenx in its c.USD 231 million public offering in the United States
Transaction highlights
- Transaction was launched on the back of positive topline results from the Phase 2 proof-of-concept trial of ARGX-113 in myasthenia gravis and an update on Phase 1/2 clinical trials of ARGX-110 in acute myeloid leukimia and cutaneous T-cell lymphoma, which triggered a share price increase of c.79% prior to transaction launch
- Placement of 4,440,000 American Depositary Shares (“ADSs”) for gross proceeds of c.USD 231 million, upsized by c.54% from the original deal size of USD 150 million on the back of strong investor demand generated during bookbuild resulting in a multiple times oversubscribed order book
- Issue price of USD 52.00 per ADS represented a limited 1.4% discount versus the last closing price
- Gross proceeds could grow to c.USD 266 million in case the over-allotment option is exercised in full
- Kempen is number 1 broker in the stock with a market share of 70% year-to-date. In the transaction, Kempen assisted argenx in the execution of its marketing strategy, with a specific focus on European investors
- Transaction proceeds are envisaged to be used to fund research and development efforts for argenx’ product candidates, to advance certain initial registration-readiness activities for ARGX-113, for other current and future research and development activities and to progress technology development and for working capital and other general corporate purposes
- Placement of 4,440,000 American Depositary Shares (“ADSs”) for gross proceeds of c.USD 231 million, upsized by c.54% from the original deal size of USD 150 million on the back of strong investor demand generated during bookbuild resulting in a multiple times oversubscribed order book
- Issue price of USD 52.00 per ADS represented a limited 1.4% discount versus the last closing price
- Gross proceeds could grow to c.USD 266 million in case the over-allotment option is exercised in full
- Kempen is number 1 broker in the stock with a market share of 70% year-to-date. In the transaction, Kempen assisted argenx in the execution of its marketing strategy, with a specific focus on European investors
- Transaction proceeds are envisaged to be used to fund research and development efforts for argenx’ product candidates, to advance certain initial registration-readiness activities for ARGX-113, for other current and future research and development activities and to progress technology development and for working capital and other general corporate purposes
Company description
argenx is a clinical stage biotechnology company, that develops a deep pipeline of differentiated antibody-based therapeutics for the treatment of severe autoimmune diseases and cancer. It discovers and develops antibodies through its SIMPLE Antibody™ Platform based on the llama immune system and its three proprietary antibody engineering technologies. argenx’ lead clinical stage product candidates include ARGX-113, currently in three Phase 2 clinical trials for the treatment of autoimmune diseases myasthenia gravis, immune thrombocytopenia and pemphigus vulgaris; and ARGX-110, currently in Phase 1/2 clinical trials for the treatment of hematological cancers, such as T-cell lymphoma and acute myeloid leukemia. ARGX-113 has recently shown strong safety and efficacy topline data in its Phase 2 clinical trial in myasthenia gravis and also ARGX-110 has recently shown encouraging safety and efficacy data during an interim analysis of its Phase 1/2 trial. argenx was founded in 2008 and is listed on Euronext Brussels since 2014 and on NASDAQ since May 2017.