December 2024
Sole Financial Adviser
€20 million
Venture debt financing
SNIPR BIOME
Sole Financial Adviser
Van Lanschot Kempen acted as Sole Financial Adviser to clinical stage biotech company SNIPR BIOME in securing a €20 million loan facility from the European Investment Bank (“EIB”). The facility enables the company to further develop their medicines for difficult to treat infections due to antimicrobial resistance
Transaction highlights
- SNIPR BIOME (“SNIPR”), a clinical stage biotech company, has successfully entered into a €20 million venture debt facility with the European Investment Bank. The facility has been structured to support SNIPR's development plans, positioning the company well for future growth
- Van Lanschot Kempen acted as Sole Financial Adviser, assisting our client throughout the process to secure the most favourable and suitable terms. In addition to overall process management, VLK's support included analysing and clarifying the terms and conditions of this complex equity-like instrument, aiding in the negotiations of terms and conditions with the EIB as well as the negotiation of the loan documentation
- Christian Mygind, Head of Finance at SNIPR: “Securing this venture debt financing provides us with additional liquidity beyond our traditional equity rounds, enabling us to advance our technology to the next stage. VLK has been a crucial partner in this process, supporting us from initial terms negotiations to final documentation."
- This investment is remarkable as the EIB typically invests in later-stage companies. With this transaction the EIB showcases its willingness to fund earlier-stage innovative life sciences companies in some exceptional cases. The funding is provided as part of the HERA program, investing in projects that develop medical countermeasures addressing the world’s most pressing health threats. SNIPR will use the EIB funding to develop new medicines for infections that are difficult to treat due to microbial resistance to existing drugs including antibiotics
- The involvement of VLK as debt advisor is beneficial to the company, but also appreciated by the lenders. Antoine de Lachaux, head of Life Science at the European Investment Bank: “Having collaborated with VLK on several transactions, we appreciate their involvement. The technical nature of our products can be challenging, but VLK has been instrumental in educating the company and clarifying the complexities of the financing solutions, which helps the process”
- This transaction marks Van Lanschot Kempen’s 13th alternative funding deal since 2020, with a total accrued value exceeding €765 million. It underscores VLK’s expertise in securing funding for companies at various stages, including those who are not yet eligible for the traditional debt financing routes. Our strong market position is further highlighted by a robust pipeline of alternative funding transactions worth over €300 million
Company description
SNIPR BIOME is a clinical-stage Danish biotechnology company focused on developing innovative solutions to combat bacterial infections and address the growing issue of antibiotic resistance. Utilizing advanced CRISPR-Cas technology, SNIPR aims to precisely target and eliminate harmful bacteria while preserving beneficial microbiota. The company's cutting-edge approach leverages gene editing to create highly specific antimicrobials, offering a promising alternative to traditional antibiotics. SNIPR’s mission is to revolutionize the treatment of bacterial diseases, improve patient outcomes, and contribute to global health by providing effective and sustainable therapeutic options
Background Van Lanschot Kempen Life Sciences & Healthcare
In the last twelve months, Van Lanschot Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:
- Lead Manager in the USD 1.0 billion Capital Increase by Zealand Pharma
- Lead Manager in the USD 460 million Capital Increase by Merus
- Sole Financial Adviser to Pharming Group in the refinancing of its convertible bonds
- Financial Adviser in the SEK 107 million Rights Issue by Alligator Bioscience
- Co-Manager in the USD 350 million Capital Increase by Autolus Therapeutics
- Financial Adviser to Galapagos in the EUR 170 million sale of its Jyseleca business to Alfasigma
- Sole Financial Adviser to Zealand Pharma in securing a EUR 90 million venture debt facility from the European Investment Bank
- Joint Global Coordinator & Joint Bookrunner in the SEK 59 million Capital Increase by Cantargia
- Joint Global Coordinator & Joint Lead Bookrunner in the NOK 505 million Capital Increase by Nykode Therapeutics
- Sole Financial Adviser in the SEK 120 million Structured Equity transaction by SynAct Pharma
- Lead Manager in the USD 173 million Capital Increase by Merus\
- Lead Manager in the USD 1.3 billion Capital Increase by argenx
- Joint Bookrunner in the SEK 500 million Capital Increase by Vicore Pharma
- Financial Adviser to NewAmsterdam Pharma in the USD 182 million secondary sell-down by existing investors