Switzerland’s Addex Pharmaceuticals has announced the details of its previously-announced initial public offering, noting that it hopes to raise up to 155 million Swiss francs, or just over $127 million.
Initially the IPO should raise 135 million francs after the price range was set at 58-75 francs and based on an offering of 1.8-2.3 million shares or 31%-37% of its capital. An additional 15% overallotment option could push the total raised to the 155 million franc mark and Addex noted that the bookbuilding, led by Lehman Brothers, is expected to end on May 21.
The funds raised will be used to push forward Addex’ pipeline which is led by DX10059. The firm has recently presented promising data from two Phase Il trials which show that the treatment demonstrated efficacy in both gastro-esophageal reflux disease and migraine. Chief executive Vincent Mutel noted that “in a relatively short period of time, we have generated a rich pipeline of first-in-class drug candidates using our unique allosteric modulator discovery and development capabilities,” while chief financial officer Tim Dyer noted that the IPO is an “important milestone on our path to building a sustainable and profitable pharmaceutical business”.