BioInvent

Private Placement

SEK 962 million
Joint Global Coordinator
;

BioInvent

Joint Global Coordinator

Kempen & Co acted as Joint Global Coordinator in BioInvent’s SEK 962m Capital Increase

Transaction highlights

  • Private Placement of 19,095,000 new shares, representing 48.5% of BioInvent’s outstanding share count, issued in two tranches, at a price of SEK 50.36 per share resulting in total gross proceeds of SEK 962 million (c. €95.5m / USD 116m), the largest capital raise in the company’s history
  • Second tranche is subject to EGM approval, expected to take place on 23 March 2021
  • Pricing was based on the 5-day VWAP prior to and including 22 February 2021 and represents a premium of 3.5% to the closing price of 22 February 2021
  • The proceeds will be used to accelerate development of BioInvent’s broad and innovative pipeline, including BI-1206 for non-Hodgkin lymphoma and solid cancers which is currently in Phase I/II 
  • Kempen & Co played an instrumental role in attracting a renowned US-based specialist anchor investor that obtained a significant stake in BioInvent
  • Strong support from existing European and US investors underpinned the conviction and confidence in BioInvent
  • Following our Joint Global Coordinator/Joint Bookrunner role in June 2020, we are proud to have assisted this repeat client in raising close to SEK 1.5bn in less than eight months’ time
  • In 2021 year to date, Kempen & Co has already executed 7 transactions for European life sciences companies 

Company description

BioInvent is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of haematological cancer and solid tumours, respectively. The Company has two other programmes progressing in the clinic and a portfolio of additional pre-clinical drug candidates. The Company’s validated, proprietary F.I.R.S.T.™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company’s own clinical development pipeline or for additional licensing and partnering.

Background Kempen & Co Life Sciences & Healthcare

In the last twelve months, Kempen & Co has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

  • Joint Global Coordinator and Joint Bookrunner in the €22.5 million Capital Increase by Sequana Medical
  • Co-Manager in the USD 115 million US Public Offering by Y-mAbs Therapeutics
  • Co-Manager in the USD 115 million US Public Offering by Autolus Therapeutics
  • Co-Manager in the USD 165 million Nasdaq Initial Public Offering by Pharvaris
  • Passive Bookrunner in the USD 518 million US Public Offering by CureVac
  • Lead Manager in the USD 120 million US Public Offering by Merus 
  • Financial Adviser to DCprime in its merger with Immunicum 
  • Joint Bookrunner in the SEK 564 million Capital Increase by Cantargia
  • Sole Financial Adviser in the sale of Galapagos’ service operation, Fidelta, to Selvita for a total consideration of €31.2 million
  • Placement Agent in Investinor’s Secondary Sell-Down of c. 4 million shares in Calliditas Therapeutics
  • Lead Manager in the USD 85.0 million Nasdaq Initial Public Offering by Galecto
  • Joint Bookrunner in the €31.0 million Capital Increase by Sensorion
  • Bookrunner in the USD 245 million Nasdaq Initial Public Offering by Curevac
  • Co-Manager in the USD 49.0 million US Public Offering by Centogene
  • Joint Bookrunner in the SEK 1.11 billion Capital Increase by Hansa Biopharma
  • Joint Bookrunner in the CHF 80.2 million Capital Increase by Molecular Partners
  • Co-Manager in the USD 690 million US Public Offering by Ascendis Pharma
  • Financial advisor in Immatics’ business combination with Arya Sciences Acquisition Corp., thereby becoming a Nasdaq listed company and securing USD 253 million
  • Joint Global Coordinator and Joint Bookrunner in the €61.8 million Initial Public Offering by Hyloris Pharmaceuticals
  • Joint Bookrunner in the €20.0 million Capital Increase by Oryzon Genomics
  • Joint Global Coordinator and Joint Bookrunner in the SEK 487 million Capital Increase by BioInvent
  • Joint Global Coordinator and Joint Bookrunner in the c. SEK 400 million Capital Increase by Immunovia
  • Co-Manager in the USD 862 million Global Offering by argenx
  • Joint Bookrunner in the SEK 1.41 billion Capital Increase by Oncopeptides

Contact

Jan De Kerpel
Thomas ten Hoedt

Transactions