Bryan, Garnier & Co successfully leads Novagali Pharma €22m IPO

Bryan, Garnier & Co successfully leads Novagali Pharma €22m IPO

News published on July Tuesday 27, 2010
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Paris, July 27th 2010 - Bryan, Garnier & Co, the independent pan-European investment bank focused on growth companies, is pleased to announce that it successfully led the initial public offering of Novagali (ISIN : FR0010915553 – symbol : NOVA) on NYSE Euronext in Paris. Bryan, Garnier & Co acted as Global Coordinator and sole Bookrunner for this transaction.

Novagali raised 22 millions Euros in the form of 6,468,750 new shares issued at an offer price of 3.40€, representing 38.4% of the post-deal capital. Total number of shares now amount to 16 832 808. Free float of the stock represents 23.2% of the capital and the Company’s market capitalization at IPO was 55.3 millions Euros.

A public offering took place in France, combined with a private placement in the USA, the United Kingdom and Israel. 

This major fundraising provides the Company with enough cash to accelerate the clinical development of its key assets, especially the phase III studies of Cyclokat® and Vekacia® in the view of reaching the commercialization stage. The Company also plans to push forward the development of its earlier-stage proprietary products, such as Catioprost® indicated for the treatment of glaucoma and Cortiject® for the treatment of diabetic retinopathies. 

Founded in 2000, Novagali Pharma is a specialty Pharma focusing on the ophthalmologic sector. Novagali pipeline relies on innovative and proprietary emulsion technologies Novasorb®, Eyeject®, and Li-Prodrug® enabling to target all segments of the eye. The company is pursuing major ophthalmologic indications such as dry eye, glaucoma, and the macular edema in the diabetic population. 

Jérôme Martinez, CEO of Novagali, stated: “The deep commitment and high energy level deployed by the Bryan, Garnier’s team has been decisive to successfully complete this public offering realized in a very hostile environment. The conclusion of this transaction demonstrates once more that a highly specialized firm such as Bryan Garnier & Co is a must have to be successful for this kind of financing. I would like to thank Bryan, Garnier & Co for all the support and coaching for this key transaction for the future Novagali Pharma.” 

Olivier Garnier, Founder and Managing Partner at Bryan, Garnier & Co also stated: “This financing highlights the clear ambition of Bryan, Garnier & Co to support the most promising growth European companies and to contribute to the success of the European biotech sector. Historical investors’ commitment has been a key success factor for the transaction, reinforced by our strong and sustained marketing efforts before and during the subscription period. ” 

Jean-Christophe Renondin, Healthcare Managing Director at Bryan, Garnier & Co added: “We are grateful for Novagali trust and confidence in Bryan, Garnier & Co. We are convinced that this strategic financing will allow Novagali Pharma to become one of the champions of the ophthalmic sector through further development of its key asset, will maximize Novagali intrinsic value and enhance value creation for its shareholders.” 


For more information, please contact: 

Olivier Garnier / Founder and Managing Partner / +33 1 56 68 75 71 | ogarnier@bryangarnier.com 

Jean-Christophe Renondin / Managing Director – Corporate Finance / +33 1 56 68 75 04 | jcrenondin@bryangarnier.com 

Christian Finan / Director – Equity Capital Markets / +33 1 56 68 75 30 | cfinan@bryangarnier.com 

Raquel Pires / Analyst – Corporate Finance / + 33 1 56 68 75 38 | rpires@bryangarnier.com            

About NOVAGALI Pharma   www.novagali.com 

Novagali Pharma is a pharmaceutical company that develops ophthalmic innovative products for all segments of the eye. Thanks to its three proprietary technology platforms Novasorb®, Eyeject® and Li-prodrug®, the company has a portfolio of innovative products. Cationorm®, indicated for dry eye symptoms is the first commercialized product in Europe, Southeast Asia and the Middle East. The company continues to develop Cyclokat® (phase III) for the treatment of moderate-to-severe dry eye syndrome, Vekacia® (phase III) for treatment of vernal keratoconjunctivitis, Catioprost® (phase II) indicated for the treatment of glaucoma and Cortiject® (Phase I) for the treatment of diabetic retinopathies. 

Founded in 2000, Novagali Pharma is based in the Génopôle biocluster in Evry (France). In 2009, Frost & Sullivan recognized Novagali with the Award for Industry Innovation & Advancement of the Year, for its proprietary emulsion technology platforms, and Siemens awarded the company the “Health Award” Grand Prix de l’Innovation for Novasorb®. In April 2010, NOVAGALI Pharma and its partners in the Vitrena project obtained €9.4 million in funding from Oséo for this diabetic retinopathy project.               

About Bryan, Garnier & Co www.bryangarnier.com 

Bryan, Garnier & Co is an independent investment bank specialising in European TMT, Healthcare and Renewable Energies growth companies. Bryan, Garnier & Co is positioned in three activities: Equity Research & Brokerage, Asset Management and Corporate Finance. With more than 120 professionals based in London, Paris, New York and Geneva, Bryan, Garnier & Co combines the range of services and the expertise of top-tier investment banks with the level of attention to clients of a boutique. Through its corporate finance practice, Bryan, Garnier & Co has became a leader in advising European growth companies on strategic finance transactions such as mergers & acquisitions, equity capital market, LBOs and private placement over the last three years. 

Bryan, Garnier & Co is authorized and regulated by the Financial Services Authority (FSA) in the United Kingdom, and is member of London Stock Exchange and Euronext, Alternext Listing Sponsor, and is active on all European capital markets.

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