Paris, 5 October 2016 – Bryan, Garnier & Co as Sole Global Coordinator and Sole Bookrunner priced a USD 22 million follow-on equity offering for Zealand Pharma. As a result of strong demand from US and European healthcare specialist investors, the original base deal was upsized by 20% and priced at a discount of 5% to the closing price of Zealand’s share price on the day of launch.
The transaction marked the first ever equity financing Zealand Pharma has completed since its original November 2010 IPO and is the second consecutive transaction Bryan, Garnier & Co has led for Zealand. The transaction priced with one of the tightest discounts 2016YTD for a European biotech. It is also notable in that it is one of only three European biotech companies to have achieved an upsized transaction during the 2015 – 2016YTD period. Zealand was able to secure tier 1 healthcare institutions investor interest, with approximately 68% of demand coming from the US and 32% from Europe.
Zealand Pharma is a Danish biotech company focusing on the discovery, design and development of innovative peptide-based medicines targeting specialty disease such as type 2 diabetes. Zealand Pharma develops a portfolio of medicines and product candidates under license collaborations with Sanofi, Boehringer Ingelheim and Helsinn and a pipeline of proprietary product candidates, which primarily target diseases with significant unmet medical needs.
With important share price catalysts coming in the next several months, including the FDA’s approval for Sanofi’s IGlarLixi combination pen for the treatment of type 2 diabetes (which features Zealand’s flagship GLP-1 compound, lixisenitide), Bryan, Garnier & Co recommended Zealand Pharma capitalize on improving market conditions as well as investor risk appetite for biotech fund raisings and approach the capital markets. With the fund-raising success, Zealand Pharma ensures it can maintain its current pace of proprietary clinical pipeline development and continue to grow shareholder value.
Britt Meelby Jensen, President & CEO of Zealand Pharma commented: “We are pleased with the fundraising and the outstanding efforts by the team at Bryan Garnier & Co. The strong commitment, dedication and true partnership secured a smooth process on a tight schedule with a great outcome. We were able to attract quality US and European investors that can accompany our firm in the long term, not least thanks to the professionalism and agility from everyone at Bryan Garnier & Co.”
Hervé Ronin, Partner at Bryan, Garnier & Co added: “We are delighted to support Zealand Pharma again, one of the most dynamic European biotechs. This transaction illustrates once more our commitment, over the years, to our clients as well as the unique ability of Bryan, Garnier & Co to support European growth companies in the healthcare sector, in their various financial needs.”
Sole Global Coordinator & Sole Bookrunner: Bryan, Garnier & Co
Hervé Ronin, Partner, Head of Healthcare Investment Banking
Pierre Kiecolt-Wahl, Managing Director, Equity Capital Markets
About the company (www.zealandpharma.com)
Zealand Pharma A/S (Nasdaq Copenhagen: ZEAL) ("Zealand") is a biotechnology company focused on the discovery, design and development of innovative peptide-based medicines. Zealand has a portfolio of medicines and product candidates under license collaborations with Sanofi, Boehringer Ingelheim and Helsinn and a pipeline of proprietary product candidates, which primarily target specialty diseases with significant unmet needs.
The company's first invented medicine, lixisenatide, a once-daily prandial GLP-1 analog for the treatment of type 2 diabetes, is licensed to Sanofi. Lixisenatide is marketed as Lyxumia® outside the United States and approved as AdlyxinTM in the United States. Lixisenatide has been developed in a fixed-ratio combination with Lantus® (insulin glargine) which product is under regulatory review in the United States and in Europe.
Zealand's proprietary pipeline includes: Dasiglucagon* (ZP4207) as single-dose rescue treatment for acute, severe hypoglycemia (Phase II); Glepaglutide* (ZP1848) for treatment of short bowel syndrome (Phase II); Dasiglucagon* (ZP4207) multiple-dose version intended for use in a dual-hormone artificial pancreas system for better hypoglycemia control and diabetes management (in preparation for Phase II); and other earlier stage clinical and preclinical peptide therapeutics.
About Bryan, Garnier & Co (www.bryangarnier.com)
Byran, Garnier & Co is an international growth-focused independent investment bank with operations in London, Paris, Munich, Geneva, New York and New Delhi. Since 1996, Bryan, Garnier & Co has dealt with over 300 corporate clients.
The firm employs 150 people and provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their sectors. We focus on: TMT, Healthcare, Renewable Energies and Environment, Specialty Retail and Business Services industry sectors.
In 2016, Bryan, Garnier & Co was awarded the gold trophy from Leaders League for the best “growth strategy” within the investment bank category silver trophies for best “M&A advisory services in high-tech, biotech, pharma and equity capital markets”.
Bryan, Garnier & Co is a fully registered broker dealer authorized by the FCA in Europe and by the FINRA in the USA, and is a member of the London Stock Exchange, a member of Euronext and a listing sponsor on Alternext.