Genmab

Initial Public Offering on NASDAQ

USD 582 million
Co-Manager
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Genmab

Co-Manager

Kempen is pleased to announce that it acted as Co-Manager in Genmab’s Initial Public Offering on the Nasdaq Global Select Market, successfully raising c. USD 582m

Transaction highlights

  • Initial Public Offering on the Nasdaq Global Select Market of 28,500,000 ADSs, corresponding to 2,850,000 underlying ordinary shares and generating gross proceeds of c. USD 506 million
  • The offer price was set at USD 17.75 per ADS which corresponds to a subscription price of DKK 1,181.80 per underlying ordinary share and represents a 2.9% discount to the last closing price of Genmab’s shares on the Copenhagen Stock Exchange (CSE) prior to pricing on 18 July 2019
  • The company granted the underwriters a 30-day option to purchase up to 4,275,000 additional ADSs to cover any over-allotments
  • On 19 July 2019 Genmab announced that the over-allotment option of up to 4,275,000 additional ADSs has been fully exercised, increasing total gross proceeds to c. USD 582 million
  • The new shares underlying the ADSs represent 5.0% of Genmab’s entire share capital
  • Genmab is one of the biggest European biotech companies, with a market cap on the CSE of c. €10.0 billion prior to this offering
  • Genmab’s US IPO marks the largest life sciences IPO on a US stock exchange in 2019YTD
  • Kempen’s added value in Genmab’s US IPO originates from strong outreach to both European and US specialist investors
  • This transaction builds on the long-standing relationship between Genmab and Kempen. This successful offering marks Kempen’s fourth US transaction in underwriting capacity since obtaining its US license one year ago. Over the past twelve months, Kempen was involved in twelve life sciences ECM transactions with an aggregate deal value exceeding €1.5 billion

Company description

Genmab is a biotechnology company specializing in the development of differentiated antibody therapeutics for the treatment of cancer. The company has two approved antibodies, DARZALEX® (daratumumab) for the treatment of certain multiple myeloma indications, and Arzerra® (ofatumumab) for the treatment of certain chronic lymphocytic leukemia indications. Daratumumab is in clinical development for additional multiple myeloma indications, other blood cancers and amyloidosis. A subcutaneous formulation of ofatumumab is in development for relapsing multiple sclerosis. Genmab also has a broad clinical and pre-clinical product pipeline and a number of proprietary next generation antibody technologies. Genmab is based in Copenhagen, Denmark and has alliances with other leading pharmaceutical and biotechnology companies.

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