Kempen is pleased to announce that it acted as Co-Manager to Galapagos in its USD 300 million public offering
- The transaction comprised of 2,575,107 American Depositary Shares (ADSs) at a price of USD 116.50 per ADS. Each ADS represents the right to receive one ordinary share
- Gross proceeds amount to USD 300 million and will be used to, amongst others, fund new and ongoing research and development activities, additional pipeline development, early commercialization activities for filgotinib, and general corporate purposes
- Gross proceeds could grow to c.USD 345m in case the option to purchase additional ADSs is exercised in full
- The orderbook was well oversubscribed, with highly concentrated allocations
- This is the first US transaction in which Kempen acted as an underwriter after obtaining the license to do so less than two months ago. With Kempen leading Galapagos’ Euronext IPO back in 2005 and us teaming up for their latest US transaction now, we have come full circle. This also marks the largest transaction ever executed by the Kempen Life Sciences team
- This transaction marks Kempen’s eight Life Sciences transaction this year and the second US Life Sciences & Healthcare ECM transaction in a one week period
Galapagos is a clinical-stage biotechnology company specialised in the discovery and development of small molecule medicines with novel modes of action. Its pipeline comprises Phase 3, 2, 1, pre-clinical studies and discovery small-molecule and antibody programs in cystic fibrosis, inflammation, and other indications. Its main product is filgotinib, which shows very positive Phase 3 clinical results for rheumatoid arthritis, Crohn's disease and ulcerative colitis and which is partnered with Gilead Sciences. The Galapagos group, including fee-for-service subsidiairy Fidelta, has approximately 675 employees, operating from its Mechelen, Belgium headquarters and facilities in The Netherlands, France, Switzerland, the US and Croatia. In the first half of 2018 Galapagos generated €101.9m in revenue and on 30 Jun 2018 it had €1,067m in cash and cash equivalents.
Background Kempen Life Sciences & Healthcare
Over the years, Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include: Adviser in the EUR 104 million capital increase by ProQR, Joint Global Coordinator and Joint Bookrunner in the EUR 77.5 million capital increase by Mithra Pharmaceuticals, Adviser in the Capital Increase of dacadoo, Issuer’s Adviser in the USD 54.4 million Global Offering of Celyad, Joint Global Coordinator and Joint Bookrunner in the EUR 36 million capital increase by MDxHealth, financial adviser and coordinating placement agent in the EUR 30 million capital increase by Mainstay Medical, Joint Bookrunner in the SEK 155 million capital increase by Medivir, Issuer’s Adviser to argenx in its USD 266 million public offering in the United States and USD 115 million NASDAQ IPO, Joint Bookrunner in the SEK 244 million capital increase by Wilson Therapeutics combined with a placement of SEK 157 million of existing shares, Joint Bookrunner in the EUR 80 million capital increase by Biocartis and sole M&A advisor to SurgVision on its sale to Bracco.