Bryan, Garnier & Co announces the successful $100m Nasdaq IPO of Celyad.

Paris, June 19th, 2015 – Bryan, Garnier & Co, the pan-European investment bank for growth companies, announces the successful $100 million Nasdaq IPO of Celyad, the clinical-stage biopharmaceutical company focused on the identification and development of specialized cell-based therapies. Bryan, Garnier & Co acted as Co-manager alongside UBS, Piper Jaffray, Petercam, LifeSci Capital, and Lake Street Capital Markets.
Celyad SA (formerly known as Cardio3 BioSciences, Euronext Brussels and Paris: CYAD, Nasdaq: CYAD), announced the pricing of its global offering totaling $100.1 million gross proceeds of 1,460,000 new ordinary shares, consisting of 1,168,000 American Depositary Shares (“ADSs”) at $68.56 per ADS, and 292,000 ordinary shares at a price of EUR 60.25 per share, both before underwriting discounts. These shares were placed in a concurrent public offering in the United States and private placement in Europe (together with the “global offering”). The price per ADS was based on EUR 60.25 per ordinary share at an exchange rate of $ 1.1380 per Euro.
In addition, Celyad has granted the underwriters an option to purchase up to an additional 175,200 new ordinary shares in the form of ADSs and an option to purchase up to an additional 43,800 new ordinary shares, representing 15% of the ordinary shares and ADSs placed in the global offering. This option can be exercised during the 30 day period commencing June 18th 2015.
The closings of the ADS offering and the concurrent private placement are conditioned on each other and are expected to occur on June 24th 2015, subject to customary closing conditions.
Each of the ADSs offered represents the right to receive one ordinary share.
Hervé Ronin, Partner at Bryan, Garnier & Co, emphasizes: “Celyad exemplifies the fast-growing healthcare companies Bryan Garnier & Co aims to accompany in their various corporate finance needs. This transaction illustrates again Bryan, Garnier & Co’s unique ability to support European healthcare growth companies, in a variety of situations, on both European and US markets.”
Cédric Moreau, Director at Bryan, Garnier & Co, adds: “This transaction is a great achievement and it confirms our expertise in cross-border deals. We are very proud to have actively contributed to this great success of Celyad and its management. This achievement represents a cornerstone for Celyad, allowing the company to become a leader in innovative cell therapies.”
With more than €1b of capital raised in the past 12 months, Bryan Garnier & Co tops the European fundraising league table in healthcare:
Bryan, Garnier & Co has been involved in most of the recent IPOs of European healthcare companies on Nasdaq. Amongst the six largest Nasdaq IPOs of European companies, Bryan Garnier co-led or co-managed: the 100m$ Nasdaq IPO of Celyad (Belgium, May 2015), the $317m Nasdaq IPO of Galapagos (Belgium, April 2015), the $133m IPO of DBV Technologies (France, October 2014), and the $86m IPO and $97m follow-on of LDR Holding (US/France, May 2014).
In H1 2015, Bryan Garnier was also involved in the £20m follow-on of Advanced Oncotherapy and the £106m IPO of Quantum Pharma on the London Stock Exchange, a €27m PIPE for Nicox, a €32 PIPE for Cardio3, as well as the €37m IPO of Bone Therapeutics on Euronext.
In 2014, Bryan Garnier acted as sole placement agent for the €100m growth financing of Merieux Nutrisciences, the largest European healthcare private placement of the year.
For more information, please contact:
Hervé Ronin
Partner – Healthcare
hronin@bryangarnier.com | + 33 1 56 68 75 22
Cédric Moreau
Director – Healthcare
cmoreau@bryangarnier.com | + 33 1 56 68 75 65
Christian Finan
Director – Equity Capital Markets
cfinan@bryangarnier.com | + 33 1 56 68 75 30
Jean de Pracomtal
Analyst – Healthcare
jdepracomtal@bryangarnier.com | + 33 1 56 68 75 38
About Celyad
Founded in 2007, and based in Belgium, Celyad is a leader in engineered cell therapy treatments with clinical programs initially targeting indications in cardiology and oncology. Celyad is developing its lead cardiovascular disease product candidate, C-Cure®, for the treatment of ischemic heart failure, and has completed enrolment of a Phase III trial in Europe and Israel. In addition, the company is developing a novel portfolio of CAR T-cell therapies that utilize human Natural Killer cell receptors for the treatment of numerous blood and solid cancers. Its lead oncology product candidate, NKG2D CAR T-cell, entered a Phase I clinical trial in April 2015.
(www.celyad.com)