Bryan, Garnier & Co successfully leads a €100.1 million capital increase for Transgene

Bryan, Garnier & Co successfully leads a €100.1 million capital increase for Transgene

One of the largest follow on offerings for a biotech company this year

News published on June Monday 18, 2007
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Paris, June 18th, 2007  - Bryan, Garnier & Co (“Bryan Garnier”), the independent pan-European investment bank focused on growth companies, today announced the closing of a €100.1 million capital raising of common stock for Transgene (Euronext : TNG) a French based biopharmaceutical company developing therapeutic vaccines to treat cancer and infectious diseases. Bryan Garnier was sole lead manager and bookrunner on this transaction with Nomura Code Securities as co-manager. 

One of the largest follow-on offerings since the beginning of the year on Euronext, the Transgene offering consisted of a capital increase without rights attached but with a priority subscription delay. The company’s strong pipeline, the support of its main shareholder (Mérieux Alliance) and the management’s strong track record were highlighted by the significant over subscription rate which was nearly 5 times the original institutional tranche. 
This transaction is the second offering in two years that Bryan Garnier has led on Transgene, after an initial €49 m primary offering of common stock and warrants by the company in July 2005. 
This also follows a string of ECM offerings that Bryan Garnier has led recently in both the high tech & biotech sectors. Some of these offerings, include 1855, Innate Pharma, Risc Group, BioAlliance, Transgene, Parrot and Netbooster.
Commenting on the transaction, Francois Thomas, Senior Advisor and Head of Bryan Garnier’s Healthcare practice said, "Transgene is one of the most promising European biotech companies, offering a strong clinical pipeline and data validated by the recent partnership with Roche on its HPV therapeutic vaccine. The capital increase reinforces Transgene capabilities to develop its products and integrate further into a fully fledged biopharmaceutical company". 
With one of the broadest and most advanced clinical pipelines in the sector, Transgene is at the forefront of therapeutic vaccine plays. It is therefore one of the most attractive investment opportunities in this very promising field. 
Philippe Archinard, CEO of Transgene, added, "Bryan Garnier’s industry expertise, high level of commitment and broad institutional investor base in Europe have been extremely valuable in the success of this capital increase. I trust that this latest financing will strongly reinforce Transgene in the ever growing biopharmaceutical space". 
Olivier Garnier, Managing Director of Bryan Garnier concluded, "A company such as Transgene with an exceptional track record and outstanding prospects falls perfectly within our targeted universe of high growth European mid caps. This successful transaction demonstrates our close relationships with international investors and the ability of our experienced investment bankers to provide advice and deliver solutions to our clients". 
For more information, please contact : 
Mani Pillai / Kerstin Voelkel / Stefanie Schneider 
Penrose Financial + 44 20 7786 4888
Philippe Archinard
Transgene + 33 3 88 27 91 22 
About Transgene (www.transgene.fr)
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 one product which has completed Phase II trials (TG4001 /R3484), two compounds in Phase II trials (TG4010 and TG1042) and one compound in Phase I studies (TG4040). Transgene has concluded a strategic partnership agreement with Roche for the development of its TG4001/ R3484 therapeutic vaccine to treat HPV-mediated diseases. Transgene has biomanufacturing production capacities for viral-based vectors and technologies available for out-licensing. Additional information about Transgene is available on the Internet at www.transgene.fr
About Bryan, Garnier & Co (www.bryangarnier.com)
Bryan Garnier is an independent European investment bank focused on European companies offering high growth potential. 
With 85 professionals based in London, Paris and Geneva, Bryan Garnier offers the expertise of a fully-fledged investment bank with the personalised attention and long-term client relationships of a boutique investment bank. 
Key to the firm’s success, Bryan Garnier’s equity research team provides independent fundamental bottom-up analysis and recommendations in published sector and company reports with a Pan-European focus on companies from five core growth sectors: TMT, Health & Life Sciences, B2C & Speciality Retailing, Energy & Environment and Business Services & Outsourcing. Bryan Garnier has deployed its expertise for 10 years for the benefit of its institutional and private clients in corporate finance, brokerage, asset management and equity research. 
Bryan, Garnier & Co Ltd is regulated by the FSA, and a member of LSE and EURONEXT.
More information is available at www.bryangarnier.com.


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