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Ablynx raises US$230m

Belgian nanobody producer Ablynx closes an initial public offering of American Depositary Shares at Nasdaq totalling US$200m plus a fully exercised greenshoe option amounting aggregate gross proceeds to US$230.

The company, which announced Phase III proof of concept of its lead antibody in early October, sold 11,430,000 ordinary shares in the form of American Depositary Shares (ADS) at a price of US$17.50 per ADS. The net proceeds are estimated at US$182.3m. Following the offering and the issue of new shares on 27 October 2017, the share capital of the company amounts to €136,468,134.57 and the total number of outstanding ordinary shares of Ablynx amounts to 73,006,144 ordinary shares.

Ablynx granted the underwriters during the 30-day stabilisation period an option to purchase up to an additional 1,714,500 ordinary shares in the form of ADSs in connection with the offering, representing up to 15% of the total number of ADSs placed in the offering. This greenshoe exercise brings the net gross proceeds for the offering to approximately US$210.2m. Each of the ADSs offered represented the right to receive one ordinary share 

BofA Merrill Lynch, J.P. Morgan and Jefferies acted as joint book-running managers for the offering. Baird, Bryan, Garnier & Co. and Ladenburg Thalmann are acting as co-managers for the offering. J.P. Morgan is acting as stabilization agent on behalf of the underwriters.

Ablynx has more than 45 proprietary and partnered programmes in development in various therapeutic areas including inflammation, haematology, immuno-oncology, oncology and respiratory disease. Ablynx has collaborations with multiple pharmaceutical companies including Abbvie; Boehringer Ingelheim; Eddingpharm; Merck & Co.; Merck KGaA; Novartis; Novo Nordisk; Sanofi and Taisho Pharmaceuticals.

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