Bryan, Garnier & Co successfully leads a €33.7 million IPO for Innate Pharma

Bryan, Garnier & Co successfully leads a €33.7 million IPO for Innate Pharma

One of the largest IPO offering for a biotech company in recent years
News published on November Friday 3, 2006
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PARIS – November 3, 2006 - Bryan, Garnier & Co (“Bryan Garnier”), the independent pan-European investment bank focused on European growth companies, today announces the closing of a €33.7 million capital raising of common stock for Innate Pharma (Euronext: IPH). Bryan Garnier was joint lead manager and joint bookrunner on this transaction alongside Société Générale.
Representing one of the largest biotech IPO transactions in recent years in the Eurozone area, the offering consisted of a capital increase with no secondary shares sold by current shareholders. The appeal of Innate Pharma as a viable biotech investment was underlined by the fact that the institutional tranche was 2.5 times over –subscribed. In addition, the operation generated strong interest from retail and generalist funds as well as European specialist biotech investors.
This latest transaction is the fourth biotech related public offering that Bryan Garnier has led over the past months, the other three being BioAlliance, Transgene and Stedim. Commenting on the transaction, Francois Thomas, Senior Advisor and Head of Bryan Garnier’s Biotech practice said, “Innate Pharma has proven to be one of the most attractive biotech investments in Europe by leading specialist investors. The pioneering work of Innate Pharma’s scientific founders and research groups has generated three product platforms – each of which has been directly or indirectly validated in clinical oncology settings. In view of their mechanisms of action, Innate Pharma’s drug candidates also have strong development potential in fields outside oncology, particularly in the treatment of infectious disease and chronic inflammation.”
Innate Pharma intends to use the funds raised to finance its operations in general and the clinical development of its most advanced drug candidate (IPH 1101, currently in Phase II kidney cancer trials) in particular. These funds will also enable the company to consolidate its dominant position in the innate immune system through the acquisition of companies or products.
Herve Brailly, CEO of Innate Pharma Group stated: “Bryan Garnier’s industry expertise and level of commitment has been critical in the success of this IPO. This continuous commitment of highly experienced senior bankers and partners of the firm at each stage of the process combined with their level of expertise in the biotech sector as well as the breadth of their institutional investor base in Europe, has contributed to a successful IPO transaction.”
Commenting on the strength brought by a specialised investment banking boutique to a syndicate with bulge bracket banks, Olivier Garnier, Managing Director of Bryan Garnier said, “The success of this IPO highlights the complementary skills and experiences between global merchant banks and independent investment banking specialists such as ourselves. Our clients find at Bryan Garnier the experience of seasoned investment banking veterans coupled with the entrepreneurial boutique-level attention to best serve their needs and goals.”
About Innate Pharma (www.innate-pharma.com)
Founded in 1999, Innate Pharma S.A. is a biopharmaceutical company which develops first-in-class* drugs (currently in clinical trials) for targeting innate immunity. The company's most advanced molecule is in Phase II clinical trials. Thanks to its strong scientific positioning in innate immunity pharmacology, its robust intellectual property portfolio and its R&D know-how, Innate Pharma intends to become a leading player in the rapidly growing immunotherapy market. Before its IPO, the company has already raised approximately 50 million euros in three rounds of VC financing (in 2000, 2002 and 2004), along with a reserved capital increase for its alliance partner (Novo Nordisk A/S) in 2006. In addition to Novo Nordisk A/S, historical investors in Innate Pharma are benchmark biotechnology players and include Sofinnova Partners (France), Alta Partners (USA), GIMV (Belgium), Axa Private Equity (France), Auriga Partners (France), INSERM Transfert (France), Gilde Healthcare (the Netherlands), Pechel Industries (France), Innoveris (France), NIF SMBC (Japan) and Quilvest Capital (France). Based in Marseilles, France, Innate Pharma’s R&D immunotherapy activities are ISO 9001:2000 certified. As of August 31st, 2006, Innate Pharma had 66 employees, including 16 with doctorates in science, medicine or pharmacy.
* with new mechanisms of action
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 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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