Directed share issue via club deal

SEK 299 milion
Joint Global Coordinator
;

BioInvent

Joint Global Coordinator

Kempen & Co acted as Joint Global Coordinator in BioInvent’s SEK 299m directed share issue

Transaction highlights

  • SEK 299m directed share issue via club deal with a selected group of new international specialist investors and supported by existing shareholders, representing c. 10% of BioInvent’s outstanding share capital post transaction
  • The price of SEK 46.00 per new share corresponded to a premium of 4.4% compared to the last closing price before transaction announcement amid challenging market circumstances
  • The transaction was built on the back of cornerstone demand from high quality, international investors generated by Kempen & Co with total demand exceeding the size of the transaction 
  • The net proceeds will be used primarily for the company’s clinical programmes as well as for the development of the company’s prioritised preclinical projects
  • Following the Joint Global Coordinator role in the capital increases of June 2020 and February 2021, Kempen & Co is proud to have assisted BioInvent as a repeat client in raising close to SEK 1.8bn in two years’ time

Company description

BioInvent is a clinical-stage biotech company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapy, with currently three drug candidates in four ongoing clinical programmes in Phase I/II trials for the treatment of haematological cancer and solid tumours, respectively and a fifth program just initiating clinical development. BioInvent’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.

BioInvent generates revenues from research collaborations and license agreements with multiple top-tier pharmaceutical companies, as well as from producing antibodies for third parties in the company’s fully integrated manufacturing unit. 

Background Kempen & Co Life Sciences & Healthcare

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

  • Sole Global Coordinator in the SEK 200m financing consisting of a SEK 150m PIPE and a SEK 50m Fully Guaranteed Rights Issue by Abliva
  • Joint Global Coordinator & Joint Bookrunner in the SEK 150 million Fully Guaranteed Rights Issue by SynAct Pharma 
  • Co-Manager in the USD 700 million Capital Increase by argenx
  • 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

Contact

Birgit Brekelmans
Morgan Haller

Transactions