- Accelerated Bookbuild Offering on Nasdaq raising c. USD 68.9m by placing 4,750,000 common shares at a price of USD 14.50 each with gross proceeds potentially increasing to c. USD 79.2 million in case the over-allotment option is exercised in full
- The deal was tightly priced with a discount of only 2.3% to the last closing price
- Kempen generated initial interest in Merus at its annual Life Sciences & Healthcare conference as well as during subsequent roadshows which transitioned into the transaction
- During bookbuilding, Kempen engaged with investors on both sides of the Atlantic, generating demand from US and European investors
- Merus represents an important new sweet spot antibody platform company for Kempen and the successful transaction represents already the 6th US transaction in 2019 in which Kempen acted as an underwriter
Merus is a Dutch clinical-stage immune-oncology company developing innovative full-length human bispecific antibodies referred to as Biclonics. Biclonics are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity. The company was founded in 2003 and listed on US Nasdaq in 2016.
Background Kempen Life Sciences & Healthcare
Over the past year, Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include: Co-Manager in the USD 57.5 million capital increase by ProQR, Co-Manager in the USD 150 million NASDAQ Initial Public Offering of BioNTech, Sole Bookrunner in the €9.0 million capital increase by MDxHealth, Co-Manager in the USD 20 million global offering of Celyad, Co-Manager in the USD 582 million NASDAQ Initial Public Offering of Genmab, Joint Bookrunner in the €116 million secondary sale of Fagron shares by Waterland and Baltisse, Joint Bookrunner in the €48.7 million rights issue by Transgene, Joint Bookrunner in the SEK 727 million capital increase by Oncopeptides, Co-Manager in the USD 84 million NASDAQ Initial Public Offering of HOOKIPA Pharma, Sole Block Placing Agent of c. USD 130 million argenx shares, Joint Global Coordinator and Joint Bookrunner in the €27.5 million Initial Public Offering of Sequana Medical, Joint Bookrunner in the NOK 222 million capital increase by Nordic Nanovector, Joint Bookrunner in the €55.5 million capital increase by Biocartis, Sole Financial Adviser in the sale of Medsen Pharmacies and compounding pharmacy Ceban.