Sequana Medical

Joint Global Coordinator and Joint Bookrunner

Kempen acted as Joint Global Coordinator and Joint Bookrunner in the successful capital increase via accelerated bookbuild offering of €19.0 million of Sequana Medical

Transaction highlights

Sequana Medical NV raised €19.0 million by placing 3,166,666 shares via an overnight Accelerated Bookbuild Offering
The transaction was priced at €6.00 per share, representing a discount of 6.7% to the 30 day average price
Both existing core shareholders and new investors indicated high interest. Several new, high quality long-only investors were onboarded, including an experienced medical device entrepreneur and investor who placed a cornerstone order for an amount of €5 million, a highly successful and seasoned life sciences investor from Kempen’s specialist investor network and an institutional generalist fund, together accounting for about half of the raise
Gross proceeds will be used to continue to advance its North American pivotal study of the alfapump® for the treatment of recurrent and refractory ascites due to liver cirrhosis and its first-in-human repeated dose study of alfapump® DSR for the treatment of diuretic-resistant heart failure patients, as well as for working capital and other general corporate purposes
This transaction marks the second successful public capital increase for Sequana Medical after its IPO in early 2019, in which Kempen also acted as Joint Global Coordinator

Company description

Sequana Medical is a commercial stage medical device company developing the alfapump® platform for the management of fluid overload in liver disease, malignant ascites and heart failure. Fluid overload is a fastgrowing complication of advanced liver disease driven by NASH (non-alcoholic steatohepatitis) related cirrhosis and a common complication in heart failure. The U.S. market for the alfapump® resulting from NASH-related cirrhosis is forecast to exceed €3 billion within the next 10-20 years. The heart failure market for the alfapump® DSR (Direct Sodium Removal) is estimated to be over €5 billion in the U.S. and EU5 by 2026. Both indications leverage Sequana Medical's alfapump®, a unique, fully implanted wireless device that automatically pumps fluid from the abdomen into the bladder, where it is naturally eliminated through urination.

Background Kempen Life Sciences & Healthcare

Over the past year, Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include: Lead Manager in the USD 557 million Global offering by argenx, Co-Manager in the USD 79.2 million US public offering by Merus, Co-Manager in the USD 57.5 million capital increase by ProQR, Co-Manager in the USD 150 million NASDAQ Initial Public Offering of BioNTech, Sole Bookrunner in the €9.0 million capital increase by MDxHealth, Co-Manager in the USD 20 million global offering of Celyad, Co-Manager in the USD 582 million NASDAQ Initial Public Offering of Genmab, Joint Bookrunner in the €116 million secondary sale of Fagron shares by Waterland and Baltisse, Joint Bookrunner in the €48.7 million rights issue by Transgene, Joint Bookrunner in the SEK 727 million capital increase by Oncopeptides, Co-Manager in the USD 84 million NASDAQ Initial Public Offering of HOOKIPA Pharma.