Accelerated bookbuild offering - Joint Bookrunner Medivir

Medivir February 2018 Accelerated bookbuild offering - Joint Bookrunner

Kempen is pleased to announce that it acted as Joint Bookrunner in the first 2018 capital increase in continental European Life Sciences

MEDIVIR

Medivir is a pharmaceutical company located in Stockholm, Sweden and is focused primarily on oncology. The company underwent a restructuring in 2016 wherein it divested revenue generating products and refocused its strategy around oncology. To that end it acquired the rights to two products form Tetralogic: Remitinostat and Birinapant. The company’s current pipeline is focused around four key assets: MIV-711 (not oncology), Remitinostat, Birinapant and MIV-818. MIV-711 is a disease modifying drug for osteoarthritis and the company is currently seeking a partner for further development having completed as phase IIa PoC trial. Remitinostat is a topical agent for cutaneous T-cell lymphoma (CTCL), and is currently ready for a phase III pivotal trial pending confirmation of trial design with the FDA. Birinipant is currently in a phase I trial in combination with Keytruda for solid tumors. MIV-818 is being developed as a therapeutic for hepatocellular carcinoma (HCC) and is ready for a Phase 1 study. Additionally, the company has a research and development engine focused around nucleo(t)sides and protease inhibitors. Medivir also receives modest royalties from partnered commercial virology products.  

TRANSACTION HIGHLIGHTS

  • Placement of 3,968,841 new shares, representing 20% of Medivir’s pre-deal outstanding share capital, at an issue price of SEK 39 per share, resulting in gross proceeds of SEK 155 million
  • The pre-launch market sounding exercise and accelerated book-building process generated strong demand from Swedish and international Life Science specialist investors as well as current large shareholders, resulting in a multiple times covered order book
  • Kempen was involved in more than two-third of the final allocations to international specialist investors, thereby strongly delivering upon the company’s goal to diversify its shareholder base
  • Transaction proceeds are envisaged to be used for general business purposes, including ongoing research, as well as completion of the MIV-711 phase IIa study and the birinapant phase I/II study, start and completion of the MIV-818 phase I study, and preparation for the start of the pivotal phase III CTCL study for remetinostat
  • The transaction marks the first 2018 capital increase in continental European Life Sciences and the second successful Scandinavian deal for Kempen’s Life Sciences franchise in less than two months following the SEK 401 million placement of Wilson Therapeutics shares in December 2017 

 

Our team

Jan De Kerpel

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