Healthcare, ECM

Bryan, Garnier & Co acts as Sole Global Coordinator & Joint Bookrunner on Egetis Therapeutics’ SEK 300 million Follow-On Offering

Egetis Therapeutics is a pharmaceutical company focusing on projects in late-stage development for commercialization for treatment of serious diseases in the orphan drug segment.

The company’s lead candidate Emcitate is under development for treatment of patients with MCT8 deficiency. MCT8 deficiency is a rare disease (approximately 1 in 70,000 males) that makes the body incapable of transporting the thyroid hormone in several tissues, including the brain.

The thyroid hormone is a key metabolic regulator with effects on almost all cell types and plays an important role in the development and proper functioning of multiple organs. The deficiency of the hormone causes impaired development of cognitive and physical abilities, which is detrimental to infants’ growth and development.

Egetis Therapeutics applied for approval in Europe in October 2023. The Company already has around 220 patients on Emcitate under a compassionate use program. The majority of these patients may be converted into revenue as soon as approval and reimbursement has been granted.

Acting as Sole Global Coordinator and Joint Bookrunner, Bryan, Garnier & Co delivered a SEK 300 million Follow-On primary offering for Egetis Therapeutics on Nasdaq Stockholm.

The pricing was set at SEK 4.50 per ordinary share, representing a 0.1% premium to 5-day VWAP.  

The book was oversubscribed and led by US healthcare specialist Frazier Life Sciences with a $10 million pre-launch commitment, showcasing Bryan, Garnier & Co’s expertise in anchoring transactions with top-tier specialist investors.

The transaction was also supported by international high-quality long-only investors across multiple geographies, with participation from Invus (France), Platinum AM (Australia), AP4, Handelsbanken Fonder, Unionen, HealthInvest (Sweden), among others.

The net proceeds will primarily finance the continued development of Emcitate® for application for marketing authorisation in the US, enabling of marketing authorisation in the EU for Emcitate®, preparatory launch activities in Europe and continued build-up of a commercial and medical affairs infrastructure for the commercialisation of Emcitate® in the EU and the US, and working capital and general corporate purposes.  

This is the third consecutive offering Bryan, Garnier & Co has led for Egetis Therapeutics since 2023, raising about SEK 1 billion in cumulated value and demonstrating Bryan, Garnier & Co’s dedicated commitment to supporting its clients. 

This is also Bryan Garnier’s third biopharma capital raise in Sweden year-to-date after Camurus and Cinclus Pharma, confirming its leadership in the Nordics region for healthcare ECM transactions.  

Following on from Camurus, Calliditas Therapeutics, Valneva, Boiron, Cinclus Pharma, Onward Medical, Medincell, Abivax and numerous other landmark transactions in the healthcare sector, this new deal marks another milestone for Bryan, Garnier & Co’s expertise.

Egetis Therapeutics is an innovative and integrated pharmaceutical company, focusing on projects in late-stage development for commercialisation for treatments of serious diseases with significant unmet medical needs in the orphan drug segment.

The company’s lead drug candidate Emcitate® (tiratricol) is under development for the treatment of patients with monocarboxylate transporter 8 (MCT8) deficiency, a highly debilitating rare disease with no available treatment. In previous studies (Triac Trial I and a long-term real-life study) Emcitate has shown highly significant and clinically relevant results on serum thyroid hormone T3 levels and secondary clinical endpoints. Egetis Therapeutics submitted a marketing authorisation application (MAA) for Emcitate to the European Medicines Agency (EMA) in October 2023.

After a dialogue with the FDA, Egetis Therapeutics is conducting a randomised, placebo-controlled pivotal study in 16 evaluable patients to verify the results on T3 levels seen in previous clinical trials and publications. Egetis Therapeutics will update the market as soon as recruitment has been completed and at that point inform about the timing of availability of top-line results, and the expected timing of the subsequent NDA filing
Emcitate holds Orphan Drug Designation (ODD) for MCT8 deficiency and resistance to thyroid hormone type beta (RTH-beta) in the US and the EU. MCT8 deficiency and RTH-beta are two distinct indications, with no overlap in patient populations. Emcitate has been granted Rare Pediatric Disease Designation (RPDD) which gives Egetis Therapeutics the opportunity to receive a Priority Review Voucher (PRV) in the US, after approval. This voucher can be transferred or sold to another sponsor.

The drug candidate Aladote® (calmangafodipir) is a first in class drug candidate developed to reduce the risk of acute liver injury associated with paracetamol (acetaminophen) overdose. A proof of principle study has been successfully completed. The design of a pivotal Phase IIb/III study (Albatross), with the purpose of applying for market approval in the US and Europe, has been finalised following interactions with the FDA, EMA and MHRA. The study start has been postponed until Emcitate marketing authorisation submissions for MCT8 deficiency have been completed. Aladote has been granted ODD in the US and in the EU.