argenx logo

 Global Accelerated Bookbuild Offering

USD 700 million
Co-Manager
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argenx

Co-Manager

Kempen & Co is pleased to announce that it acted as Co-Manager to argenx in its USD 700 million Global Offering

Transaction highlights

  • Global Accelerated Bookbuild Offering raising USD 700 million by placing a total of 2,333,334 ADSs and ordinary shares at a price of $300.00 per ADS and €273.10 per ordinary share, with gross proceeds potentially increasing to USD 805 million in case the over-allotment option is fully exercised
  • The transaction was upsized from originally USD 500 million due to strong demand and was tightly priced with a discount of 3.6% to the last ordinary share closing price and a discount of 4.2% to the last ADS closing price prior to deal announcement 
  • The transaction was executed on the back of argenx’s efgartigimod meeting the primary endpoint in the Phase III ADAPT-SC study in generalized myasthenia gravis and was anchored by leading investment management firm Baillie Gifford who indicated interest to purchase up to USD 170 million before launch 
  • argenx’s capital increase marks the first major transaction for a European life sciences company in 2022 
  • The transaction builds on the long-standing relationship between argenx and Kempen & Co which started with the €42m Euronext IPO in 2014 and was followed by the USD 115 million Nasdaq IPO in 2017 and subsequent global offerings of USD 266 million in 2017, USD 301 million in 2018, USD 557 million in 2019 and USD 862 million in 2020

Company description

argenx is a global immunology company committed to improving the lives of people suffering from severe autoimmune diseases. Partnering with leading academic researchers through its Immunology Innovation Program (IIP), argenx aims to translate immunology breakthroughs into a world-class portfolio of novel antibody-based medicines. argenx developed and is commercializing the first-and-only approved neonatal Fc receptor (FcRn) blocker in the U.S. and Japan. The Company is evaluating efgartigimod in multiple serious autoimmune diseases and advancing several earlier stage experimental medicines within its therapeutic franchises.

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:

  • Sole Block Placing Agent in the placement of 1.4m Molecular Partners shares
  • Joint Bookrunner in the USD 127 million Nasdaq IPO of Forbion European Acquisition Corp
  • Co-Lead Manager in the USD 115 million Nasdaq Initial Public Offering by IO Biotech
  • Lead manager in the USD 127 million Global Offering of Merus
  • Joint Global Coordinator and Joint Bookrunner in the €31.5 million Euronext IPO by MaaT Pharma
  • Co-Manager in the USD 460 million Capital Increase by Ascendis Pharma
  • Joint Bookrunner in the SEK 324 million Capital Increase by Calliditas Therapeutics
  • Joint Global Coordinator & Joint Bookrunner in the SEK 380 million Capital Increase by Xbrane Biopharma
  • Joint Global Coordinator in the €34.1m Capital Increase by Transgene
  • Joint Global Coordinator & Joint Bookrunner in the SEK 141 million Capital Increase by Immunicum
  • Lead Manager in the USD 63.8 million Nasdaq Initial Public Offering by Molecular Partners
  • Joint Bookrunner in the SEK 301 million Capital Increase by Q-linea
  • Co-Manager in the USD 176 million Nasdaq Initial Public Offering by Achilles Therapeutics
  • Joint Bookrunner in the €30.0 million Capital Increase by GenSight Biologics
  • Lead Manager in the USD 101 million Nasdaq Initial Public Offering by LAVA Therapeutics

Contact

Jan De Kerpel
Robin van Wijk

Transactions