Paris, June 23rd 2010 - Bryan, Garnier & Co, the investment bank for growth companies, announces that it has successfully led a €152m capital increase with rights for Transgene, completing what may be the European biotechnology's largest fundraising transaction this year. Bryan, Garnier & Co acted as Global Coordinator and Sole Bookrunner on the transaction, while Petercam acted as co-manager.
The rights offering was subscribed at 81% by existing shareholders and the remaining offer of shares (19% of the total offering size) was oversubscribed 3.4 times through an accelerated bookbuilding process led by Bryan, Garnier & Co. Transgene's majority shareholder, Institut Mérieux, supported the operation and subscribed pro rata to its 55.2% stake in the capital of the Company.
The new shares were placed at a price of €16, with no discount over the current share price at the date of the announcement of the operation.
The placement effort by Bryan, Garnier & Co was global, including the USA, and Transgene raised a strong interest amongst large international generalist & specialist funds.
Gross proceeds from the operation totaled €152m, which will bring Transgene's cash reserves to around €200m, which represents the strongest cash balance amongst its European peers. The proceeds of this fundraising transaction will aim at accelerating the transformation of the company from a pure R&D play into a fully integrated biopharmaceutical company.
Philippe Archinard, Chairman & C.E.O. of Transgene, stated: "Bryan, Garnier's role, exceptional commitment and energy have been critical to the success of this operation in the current bearish stock-market environment. Transgene is now in a position to move one step beyond and achieve its strategic goals. The successful completion of this operation once again demonstrates Bryan, Garnier & Co's leading voice in the Life Science sector."
Olivier Garnier de Falletans, Managing Partner at Bryan, Garnier & Co. commented: "We are very grateful for Transgene's long-lasting confidence in Bryan, Garnier & Co. This strategic operation clearly demonstrates Bryan, Garnier & Co's strong commitment to Transgene. We believe Transgene's management has a pioneering vision of Healthcare and that this funding is set to maximise the potential of value creation for its shareholders. We are proud to support tomorrow's market champions."
Christian Finan, Equity Capital Markets Director at Bryan, Garnier & Co stated: "This new financing for Transgene underlines our motto of developing long-lasting relationships with our clients, following a capital increase in 2005 and in 2007. It also indicates our support of the Biotech industry and its most promising representatives."
For more information, please contact:
Olivier Garnier / Managing Partner / +33 1 56 68 75 71 / firstname.lastname@example.org
Christian Finan / Director - Equity Capital Markets / +33 1 56 68 75 30 / email@example.com
Catherine Trividic / Director - Healthcare Corporate Finance / +33 1 56 68 75 05 / firstname.lastname@example.org
Transgene is a France-based biopharmaceutical company dedicated to the development of therapeutic vaccines and immunotherapeutic products in oncology and infectious diseases. The company has four compounds in clinical development: TG4010 having completed phase II trials, TG4001/RG3484 in phase IIb trial, TG4040 having completed phase I studies and TG4023 in phase I trial. Transgene has concluded strategic agreements for the development of two of its immunotherapy products with: Roche: an exclusive license for the development of TG4001/RG3484 to treat HPV-mediated diseases, and Novartis: an option for an exclusive license for the development of TG4010 to treat various cancers.
Transgene has bio-manufacturing capacities for viral-based products. Additional information about Transgene is available on the Internet at www.transgene.fr.
About Bryan, Garnier & Co
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.