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 U.S.A.
The share offering consisted in 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 'tumor starvation' treatments for acute leukemia and other oncology indications with 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:
firstname.lastname@example.org | +33 1 56 68 75 71
Managing Director – Healthcare
email@example.com | +33 1 56 68 75 22
Director - ECM
firstname.lastname@example.org | +33 1 56 68 75 30
Associate - ECM
email@example.com | +33 1 56 68 75 24
Jean de Pracomtal
Analyst - Healthcare
firstname.lastname@example.org | +33 1 56 68 75 38
About ERYTECH and ERYASP™/GRASPA® (http://www.erytech.com/)
Created in Lyon in 2004, ERYTECH is a French
biopharmaceutical company providing new prospects for cancer patients,
particularly those with acute leukemia and selected solid tumors.
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 U.S.
Every year about 50,000 patients are diagnosed with ALL or AML in Europe and the U.S. 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 with the goal of improving the tolerability profile in order to treat all patients diagnosed with acute leukemia, 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 tumors and some orphan indications outside oncology. It is currently conducting a Phase II study on pancreatic cancer in Europe and examining other solid tumor 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 U.S. It has its own operational manufacturing sites in Lyon, France and Philadelphia in the U.S.
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).
About Bryan, Garnier &
Bryan, Garnier & Co is an international
growth focused independent investment bank with operations in London, Paris,
Geneva, New York and New Delhi. Since 1996, Bryan, Garnier & Co has dealt
with over 300 corporate clients. The firm employs 120 people and provides equity
research, sales & trading, private and public capital raising and M&A
services to growth companies and their investors, with a focus on the TMT,
Healthcare, Renewable Energies & Environment, Specialty Retail and Business
Services industry sectors. In 2013, Bryan, Garnier & Co received the Most
Productive European Broker Award by Financial Times / Starmine.
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 NYSE Euronext and a listing sponsor on Alternext.