Global offering
argenx
Lead ManagerKempen is pleased to announce that it acted as Lead Manager to argenx in its USD 484 million global offering
Transaction highlights
- Global Accelerated Bookbuild Offering raising USD 484m by placing 4,000,000 common shares and ADSs at a price of USD 121.00 (€109.18) each with gross proceeds potentially increasing to USD 557 million in case the over-allotment option is exercised in full
- The deal was tightly priced with a discount of only 4.1% to the last closing price
- European investor Baillie Gifford acted as cornerstone investor, having indicated pre-launch interest to invest up to $220 million in the company. Mid 2018, Kempen was the first to bring the argenx investment case on their radar and flew argenx’ CEO and CSO in February 2019 to Edinburgh for the initial conversation
- Kempen has supported argenx throughout its public life via roadshows, its annual Life Sciences & Healthcare conferences and other stages. In spite of the orderbook only being open late evening hours European time, Kempen was able to secure demand from high quality European and US investors
- Kempen acted as Joint Global Coordinator and Joint Bookrunner in argenx’ IPO on Euronext in 2014, advised the company on its Nasdaq IPO in May 2017 and subsequent US public offering in December 2017 and stepped into a Co-Manager role in argenx’ next US public offering in September 2018. Furthermore, Kempen has been the number one broker in the stock ever since argenx’ 2014 IPO, trading over €1.8bn of its stock to date
- This marks the 7th US Life Sciences & Healthcare ECM transaction in 2019 in which Kempen acted as an underwriter, the second just this week and the very first in which it acted as Lead Manager
Company description
Background Kempen Life Sciences & Healthcare
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Private Placement
Private Placement
Accelerated Bookbuild Offering
Global Accelerated Bookbuild Offering
Accelerated bookbuild offering
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Sale of
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Rights issue
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Secondary placement of 35% stake in IOW
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Refinancing
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Convertible bond issue
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Private placement by acquisition vehicle for French Carrefour
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Rights issue