GENMAB A/S ANNOUNCES IPO PRICE RANGE AND PUBLICATION OF OFFERING CIRCULAR
This press release is transmitted on behalf of Genmab A/S.
Copenhagen, Denmark - Genmab A/S, an innovative biotechnology company using transgenic mouse technology to create and develop fully human antibodies to treat a wide variety of life threatening and debilitating diseases, today announced the price range for the Global Offering of 6,000,000 ordinary shares.
UBS Warburg is acting as global co-ordinator and bookrunner to Genmab in connection with the Global Offering and Carnegie Bank and Commerzbank are acting as co-lead managers.
Key Highlights:
Genmab's ordinary shares will be listed on the Copenhagen Stock Exchange and the Frankfurt Stock Exchange for trading on the Neuer Markt.
The Global Offering consists of an issue of 6,000,000 new ordinary shares delivered either in the form of ordinary shares for trading on the Copenhagen Stock Exchange or in the form of Co-Ownership Interests ("COIS") for trading on the Neuer Markt.
Each COIS will represent one ordinary share.
In addition, an over-allotment option of up to 900,000 ordinary shares has been granted to UBS Warburg.
The offer price for the Global Offering is expected to be between DKK250 and DKK300 per ordinary share and between e34 and e40 per COIS.
This equates to an offer size of DKK1,650.0 million (e221.2 million) at the mid-point of the range.
Based on an offer price at the mid-point of the price range, the market capitalisation of Genmab following the Global Offering would be approximately DKK5,998.3 million (e804.3 million) (before exercise of the over-allotment option).
Lisa N.
Drakeman, Chief Executive Officer of Genmab, commented, "Genmab has grown rapidly since its creation.
Our two-pronged strategy for exploiting our human antibody development capabilities should allow the Company to expand its therapeutic product pipeline.
Our Global Offering in which we will seek listings on the Copenhagen and Frankfurt Stock Exchanges reflects both Genmab's progress up to now and its future potential within the biotechnology industry." Details and Reasons for the Global Offering The board of directors of Genmab considers that the admission of Genmab's ordinary shares to trading on the Copenhagen Stock Exchange and on the Frankfurt Stock Exchange in the form of COIS to be an important step in Genmab's development.
The Global Offering consists of public offerings in Denmark and Germany and a concurrent international offer to institutional investors outside the United States in reliance on Regulation S and a private placement in the United States to qualified institutional investors under Rule 144A.
The final offer price in euro for the COIS will be based on the final offer price per ordinary share in Danish Kroner and the prevailing euro / Danish Kroner exchange rate on the pricing date.
Accordingly, the final offer price in euro may be outside this range.
Genmab intends to use the proceeds from the flotation to fund: its preclinical and clinical trials and current and new product development programmes; the in-licensing of potential therapeutic targets; the development of fully human antibody products; the expansion of the Company's human antibody partnering business; the expansion of its operations and facilities; the payment of certain licence fees and research and development costs in respect of future products and activities; and for general working capital requirements.
Expected Timetable of Events Investor roadshows 25 September - 10 October 2000 Offer period 2 October - 10 October 2000 Announcement of offer price and allocations 11 October 2000 Trading commencement 18 October 2000 Background Information on Genmab Genmab is a biotechnology company that creates and develops human antibodies for the treatment of life-threatening and debilitating diseases.
Genmab has four products in development to treat cancer, rheumatoid arthritis and other inflammatory conditions, and intends to assemble a broad portfolio of new therapeutic products arising from research into the human genome.
At present, Genmab's commercial opportunities are based upon research conducted at leading international companies, such as Immunex, Oxford GlycoSciences (LSE: OGS.L - news) , Eos Biotechnology and Medarex, as well as in its own laboratories.
A broad alliance provides Genmab with access to Medarex's array of proprietary technologies for the rapid creation and development of fully human antibodies to virtually any disease target.
Founded in February 1999, Genmab is headquartered in Denmark. |
