US public offering - Adviser argenx

Kempen is pleased to announce that it acted as adviser to argenx in its c.USD 231 million public offering in the United States

Transaction highlights

  • Transaction was launched on the back of positive topline results from the Phase 2 proof-of-concept trial of ARGX-113 in myasthenia gravis and an update on Phase 1/2 clinical trials of ARGX-110 in acute myeloid leukimia and cutaneous T-cell lymphoma, which triggered a share price increase of c.79% prior to transaction launch
  • Placement of 4,440,000 American Depositary Shares (“ADSs”) for gross proceeds of c.USD 231 million, upsized by c.54% from the original deal size of USD 150 million on the back of strong investor demand generated during bookbuild resulting in a multiple times oversubscribed order book
  • Issue price of USD 52.00 per ADS represented a limited 1.4% discount versus the last closing price
  • Gross proceeds could grow to c.USD 266 million in case the over-allotment option is exercised in full
  • Kempen is number 1 broker in the stock with a market share of 70% year-to-date. In the transaction, Kempen assisted argenx in the execution of its marketing strategy, with a specific focus on European investors
  • Transaction proceeds are envisaged to be used to fund research and development efforts for argenx’ product candidates, to advance certain initial registration-readiness activities for ARGX-113, for other current and future research and development activities and to progress technology development and for working capital and other general corporate purposes

Company description

argenx is a clinical stage biotechnology company, that develops a deep pipeline of differentiated antibody-based therapeutics for the treatment of severe autoimmune diseases and cancer. It discovers and develops antibodies through its SIMPLE Antibody™ Platform based on the llama immune system and its three proprietary antibody engineering technologies. argenx’ lead clinical stage product candidates include ARGX-113, currently in three Phase 2 clinical trials for the treatment of autoimmune diseases myasthenia gravis, immune thrombocytopenia and pemphigus vulgaris; and ARGX-110, currently in Phase 1/2 clinical trials for the treatment of hematological cancers, such as T-cell lymphoma and acute myeloid leukemia. ARGX-113 has recently shown strong safety and efficacy topline data in its Phase 2 clinical trial in myasthenia gravis and also ARGX-110 has recently shown encouraging safety and efficacy data during an interim analysis of its Phase 1/2 trial. argenx was founded in 2008 and is listed on Euronext Brussels since 2014 and on NASDAQ since May 2017.

Contact

Jan De Kerpel

Transactions