Bryan, Garnier & Co Leads a EUR 34,9 M follow-on offering of Ordinary Shares with Warrants (ABSA) from Leading International Institutional Investors for Transgene (Eurolist Paris : FR0005175080)

Bryan, Garnier & Co Leads a EUR 34,9 M follow-on offering of Ordinary Shares with Warrants (ABSA) from Leading International Institutional Investors for Transgene (Eurolist Paris : FR0005175080)

News published on July Monday 11, 2005
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London & Paris, Monday July 11, 2005 - Bryan, Garnier & Co (www.bryangarnier.com), the European investment bank for growth companies, announced today the closing of a EUR 34,9 million capital raising in the form of ABSA (actions à bon de souscription) for Transgene (Eurolist Paris : FR0005175080 – Nasdaq : TRGNY), representing one of the largest transactions of the year in Europe for a biotech company.

The capital increase consisted in issuing 4 657 500 ABSA at EUR 7,50 per ABSA. The 4 657 500 warrants (BSA) issued through the ABSA will enable holders, from July 15th 2005 to July 17 th 2006, to subscribe to 2 328 750 new shares at 8,05 €. An additional amount of 18,7 M€ would be raised in case all warrants (BSA) are exercised. The new shares as well as the warrants will be listed separately on compartment C of EuroNext Paris starting on July 19th 2005.

This transaction, led by Bryan, Garnier & Co Ltd, acting as Lead Manager and Sole Book Runner of the transaction, and Natexis Bleichroeder acting as co-manager, was largely over-subscribed (2,2 x) by a group of international, accredited institutional investors in France, the UK, Switzerland, Belgium, Germany, and the 15% extension clause was accordingly exercised. The net proceeds will enable Transgene to continue developing its products currently in phase II and to lead the race in what Bryan, Garnier & Co considers to be one of the most promising area of development in the cancer field.

Following the announcement, Olivier Garnier, Managing Director at Bryan, Garnier & Co stated: “Transgene has been considered as a very attractive investment opportunity by a number of leading European investors. The combination of our industry expertise and our continuous involvement in the European capital markets have been key factors to help us assess the investment opportunity that Transgene can represent for emerging growth investors. Transgene benefits from a strong scientific recognition, an experienced management team, and the backing of one of the most successful entrepreneurial group in the sector.  The company now has not only significant resources to execute its development strategy, but also a capital structure which should improve significantly the market for its stock.”

This capital raising follows a long period of doubt on the feasibility of a public offering for a biotech company in France after a number of unsuccessful public fundraisings in the sector.

Following the announcement, Benoit Bouche, Managing Director in charge of Bryan, Garnier & Co healthcare practice stated: “Contrarily to a common view, European investors do understand the strengths of biotech fundamentals and do show a strong interest for biotech investment opportunities when adequately priced.  This major transaction along with the recent closings announced by Byran, Garnier & Co in the sector confirms our growing position as a leading European investment bank in healthcare. ”

Philippe Archinard, Chief Executive Officer of Transgene stated “Bryan, Garnier & co brought us a strong equity research capacity in the biotech sector, a very experienced investment banking team, and an access to a base of first tier international growth investors. More important, they demonstrated a strong and continuous dedication to our company, at every level of their organization: We couldn’t have expected a higher commitment from an investment bank.”.

 

Since 1997, Bryan, Garnier & Co has been supporting European emerging growth private and public companies in their development strategy through capital raising and mergers & acquisitions services. Benefiting already from a leading position in later stage private placements and PIPEs in Europe,  Bryan, Garnier & Co Corporate Finance has been increasing in 2005 its focus on emerging growth public companies.

Greg Revenu, Managing Director in charge of Corporate Finance activities at Bryan Garnier added: “During this last quarter, Bryan Garnier & Co successfully completed several significant primary and secondary public offerings for some of the most promising companies in their fields. Identifying emerging leaders and providing them a strong support at each stage of their development through a complete range of investment banking services, with the attention level of a boutique dedicated to a limited number of clients, are key differentiators for Bryan, Garnier & Co ”.

The following investment bankers within Bryan, Garnier & Co were involved on the transaction :

Michel Birnbaum – Senior Advisor, Benoit Bouche – Managing Director Healthcare, Sophie de Nanteuil – Corporate Finance Analyst, Kris Motmans – Scientific Advisor, Olivier Garnier – Managing Director, Annabelle Peltre – Corporate Finance Assistant, and Greg Revenu Managing Director - Corporate Finance.

About Transgene

Transgene, based in Strasbourg, France is a biopharmaceutical company dedicated to the discovery and development of therapeutic vaccines and immunotherapeutic products in oncology and infectious diseases. Transgene has a broad portfolio of clinical stage immunotherapy drugs.

About Bryan, Garnier & Co

Bryan, Garnier & Co is an independent pan-European research driven investment bank focusing on Technology-Media-Telecom, Healthcare, Business Services and Specialty Retail sectors. Bryan, Garnier & Co offers institutional sales and trading, asset management and corporate finance services to growth oriented investors and companies. With operations in London, Paris and Geneva, Bryan, Garnier & Co offers the expertise of a full-fledged investment bank with the personalized attention and long-term client relationships of a boutique investment bank. 

Bryan Garnier Corporate Finance division advises European public and private growth companies, entrepreneurs and investors through capital raising and mergers & acquisitions.

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