Merus

Lead Manager

Kempen & Co acted as Lead Manager in Merus’ USD 120 million Capital Increase on Nasdaq.

Transaction highlights

Capital increase of 4,848,485 shares, approximately 15% of the total number of outstanding shares in Merus, at a price of USD 24.75 per share, representing a very tight discount of 1.1% to the last closing price
The transaction was launched on the back of the recently announced collaboration with Eli Lilly to research and develop up to three CD3-engaging T-cell re-directing bispecific antibody therapies in return for up to $1.7bn in upfront and milestone payments
Gross proceeds amounted to USD 120m and will primarily be used to advance the clinical development of Merus’ product candidates. Gross proceeds can potentially increase to USD 138m in case the over-allotment option is exercised in full
The transaction generated significant demand from generalist and specialist investors in Europe and the US, with the orderbook being multiple times covered, leading to the transaction being upsized significantly from the initially targeted USD 60m at announcement
We are proud to have assisted this repeat client during this transaction which marks the first transaction by Kempen & Co in 2021, after a very successful 2020 in which we executed 22 transactions for European life sciences companies, of which 7 on the US Nasdaq stock exchange

Company description

Merus is a clinical-stage oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity.

Background Kempen Life Sciences & Healthcare

In the last twelve months, Kempen & Co has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

Joint Bookrunner in the SEK 564 million Capital Increase by Cantargia
Sole Financial Adviser in the sale of Galapagos’ service operation, Fidelta, to Selvita for a total consideration of €31.2 million
Placement Agent in Investinor’s Secondary Sell-Down of c. 4 million shares in Calliditas Therapeutics
Lead Manager in the USD 85.0 million Nasdaq Initial Public Offering by Galecto
Joint Bookrunner in the €31.0 million Capital Increase by Sensorion
Bookrunner in the USD 245 million Nasdaq Initial Public Offering by Curevac
Co-Manager in the USD 49.0 million US Public Offering by Centogene
Joint Bookrunner in the SEK 1.11 billion Capital Increase by Hansa Biopharma
Joint Bookrunner in the CHF 80.2 million Capital Increase by Molecular Partners
Co-Manager in the USD 690 million US Public Offering by Ascendis Pharma
Financial advisor in Immatics’ business combination with Arya Sciences Acquisition Corp., thereby becoming a Nasdaq listed company and securing USD 253 million
Joint Global Coordinator and Joint Bookrunner in the €61.8 million Initial Public Offering by Hyloris Pharmaceuticals
Joint Bookrunner in the €20.0 million Capital Increase by Oryzon Genomics
Joint Global Coordinator and Joint Bookrunner in the SEK 487 million Capital Increase by BioInvent
Joint Global Coordinator and Joint Bookrunner in the c. SEK 400 million Capital Increase by Immunovia
Co-Manager in the USD 862 million Global Offering by argenx
Joint Bookrunner in the SEK 1.41 billion Capital Increase by Oncopeptides
Co-Manager in the USD 154 million Global Offering of DBV Therapeutics
Joint Global Coordinator and Joint Bookrunner in the €19.0 million Capital Increase by Sequana Medical