Bryan, Garnier & Co acts as Global Coordinator and Bookrunner of a Follow-on Offering of €30m for Erytech Pharma
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October 27th, 2014 – Bryan, Garnier & Co, the pan-European investment bank for growth companies, announces the successful offering of new shares of Erytech Pharma (Euronext Paris: FR0011471135 – ERYP) for an amount of €30m. Bryan, Garnier & Co led the transaction as global coordinator and bookrunner with LifeSci Capital acting as placement agent in the USA.
The share offering consisted of a total of 1,224,489 new shares representing represent around 17.8% of the outstanding number of shares post-transaction. The placement was oversubscribed and the issue price has been set at €24.50 per share or a discount of 3.5% compared to the weighted average stock price over the past five trading sessions (i.e. €25.39). In total, international investors account for 80% of the offering and US investors, mainly healthcare specialists, for 68%.
Erytech Pharma is a French biopharmaceutical company that develops innovative ‘tumour starvation’ treatments for acute leukaemia and other oncology indications with an unmet medical need. The company announced early October positive phase III results for its lead product GRASPA®. Erytech Pharma intends to use the proceeds of the offering to launch additional clinical studies in new oncology indications and accelerate its development in the US.
Bryan Garnier & Co led the IPO of Erytech Pharma on Euronext in May 2013 at €11.6 per share and conducted a secondary placement of €12.4m in February 2014, in which US investors accounted for c.35%.
Olivier Garnier, Managing Partner, said: “This successful transaction confirms our expertise in the healthcare and biotech space as well as our reach in the US. Bryan Garnier has completed 11 significant ECM transactions for more than €500m since the beginning of the year, a vast majority of which in healthcare.”
Hervé Ronin, Managing Director Healthcare, added: “Erytech Pharma is one of the top 3 performing IPOs in the French healthcare sector since 2012 in terms of share price performance to date. This follow-on offering was substantially oversubscribed with solid, quality demand both in Europe and in the US. Erytech has raised strong interest among leading US healthcare investors.”
For more information, please contact:
Olivier Garnier
Managing Partner
ogarnier@bryangarnier.com | +33 1 56 68 75 71
Herve Ronin
Managing Director – Healthcare
hronin@bryangarnier.com | +33 1 56 68 75 22
Christian Finan
Director – ECM
cfinan@bryangarnier.com | +33 1 56 68 75 30
Jean-Baptiste Célard
Associate – ECM
jbcelard@bryangarnier.com | +33 1 56 68 75 24
Jean de Pracomtal
Analyst – Healthcare
jdepracomtal@bryangarnier.com | +33 1 56 68 75 38
About ERYTECH and ERYASP™/GRASPA®
Created in Lyon in 2004, ERYTECH is a French biopharmaceutical company providing new prospects for cancer patients, particularly those with acute leukaemia and selected solid tumours.
By encapsulating the asparaginase enzyme in red blood cells, ERYTECH has developed ERY-ASP/GRASPA®, an original and effective treatment that destroys cancerous cells through “starvation” while significantly reducing side effects. ERY-ASP/GRASPA® is currently completing Phase III clinical development in Acute Lymphoblastic Leukemia (ALL) in Europe and is in Phase IIb in Acute Myeloid Leukemia (AML). The product is also in Phase I/II in ALL in the US.
Every year about 50,000 patients are diagnosed with ALL or AML in Europe and the US Today, about 80% of these patients, mainly relapsing adults and children, cannot use the current forms of asparaginase due to their toxicity. ERY-ASP is being developed to improve the tolerability profile to treat all patients diagnosed with acute leukaemia, even the most fragile ones. The market segment addressed by ERYTECH represents a potential of 1 billion euros.
The company is also developing treatments for solid tumours and some orphan indications outside oncology. It is currently conducting a Phase II study on pancreatic cancer in Europe and examining other solid tumour indications for ERY-ASP.
The company has obtained orphan drug designations for ERY-ASP/GRASPA® in ALL, AML and pancreatic cancer in Europe and the US It has its own operational manufacturing sites in Lyon, France and Philadelphia in the US.
ERYTECH has concluded two distribution partnership agreements, one in Europe with Orphan Europe (Recordati Group), one of the main actors in orphan drugs, and the other in Israel with the TEVA Group.
ERYTECH is listed on the Euronext regulated market in Paris (ISIN code: FR0011471135, ticker code: ERYP) and is part of the CAC All Shares, CAC Healthcare, CAC Pharma & Bio, CAC Small, CAC Mid&Small, CAC All Tradable and Next Biotech indexes. ERYTECH shares are eligible to PEA-PME (French share savings plan for SMEs).