Accelerated bookbuild offering Biocartis
Kempen is proud to announce that it acted as Joint Bookrunner in the €80 million capital increase by Biocartis.
Biocartis is an innovative commercial stage molecular diagnostics company providing next generation diagnostic solutions.
- Placement of 6,400,000 new shares, representing 14.3% of Biocartis’ pre-deal outstanding share capital, at an issue price of €12.50 per share, resulting in gross proceeds of €80 million
- Indications of interest received during a market sounding exercise with existing shareholders and potential new investors resulted in a c.85% covered order book for the base deal size of €60 million prior to transaction launch
- The accelerated book-building process generated strong demand from US and European Life Sciences specialist and generalist investors, on the back of which the deal size was increased to €80 million with a well oversubscribed order book
- Genomic Health, Inc. participated in the transaction, making a strategic investment in connection with the recently announced collaboration agreement between the two parties
- Transaction proceeds are envisaged to fund the expansion of the Idylla™ test menu and applications, its sales and marketing activities, the ongoing increase of its cartridge manufacturing capacity, and working capital and other general corporate purposes