French biotech firm IDM eyes 99 mln euro IPO
Wednesday June 2, 2:29 am ET
PARIS, June 2 (Reuters) - French biotechnology firm Immuno-Designed Molecules (IDM) aims to sell about 37.3 percent of its capital in an IPO valued at 98.8 million euros ($120.7 million), the company said on Wednesday.
The cancer treatment specialist, joining a string of European biotech firms seeking to list, said it would issue 8.1 million new shares at between 10.50 euros ($12.83) and 12.20 euros each.
If there was enough demand, it might sell as many as 1.215 million additional shares, IDM said, adding that certain investors had also agreed an overallocation allotment covering up to 1.4 million extra shares.
The final price of the offering will be announced on June 16 and the stock is expected to start trading on June 17 on Euronext's Nouveau Marche in Paris.
Founded in 1993, IDM has developed a range of cell-based treatments to kill tumours as well as several "cancer vaccines" that fight the disease by stimulating immune response.
In addition, French drugmaker Sanofi-Synthelabo (Paris:SASY.PA - News) would invest an extra 10 million euros in IDM as part of a deal the companies signed two years ago, at the same price as the IPO, IDM said.
Two years ago Sanofi, which is buying larger rival Aventis (Paris:AVEP.PA - News), invested 20 million euros in IDM and said it would make the 10 million euro investment through an IPO of IDM or a private placing. Sanofi owns a 12.5 percent stake in IDM.
Both companies signed a 10-year partnership in cancer drugs, including the development of skin cancer drug Uvidem which is in a Phase II trial.
UBS (UBSN.VX) is the lead manager of the IPO, Oddo Securities is co-lead manager while Fortis is underwriting.
The share placement will take place in France and abroad, chiefly in the United States, IDM said. |
