Bryan, Garnier & Co announces the success of the IPO of Erytech with a Capital Increase of €28 Million

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Paris, May 13th, 2013 – Bryan, Garnier & Co, the pan-European Investment Bank specialized in growing companies, announces today the success of the Initial Public Offering of ERYTECH, a French biopharmaceutical company, on NYSE Euronext Paris (Compartment C) under the ISIN code FR0011471135 and the mnemonic ERYP. Bryan, Garnier & Co acted as Lead Manager and Bookrunner for this listing.

The transaction, advised and led by Bryan, Garnier & Co, enabled ERYTECH to increase its capital by nearly €28m through:

  • A public offering (global placement and the open price offering) raising €16.7 million
  • A subscription in compensation for debts of nearly €1 million
  • A conversion of convertible bonds for a total of €10 million, including the acquisition of a stake by Recordati – Orphan Europe

In view of the success of the global placement and the open price offering, the company elected to exercise the Extension Clause, thus taking the total amount raised in the IPO to €16.7 million compared to the initial target amount of €15 million.

The price for the Global Placement and the Open Price Offering was set at the middle of the indicative range, at €11.60. The market capitalization of ERYTECH is approximately €64.3 million following the IPO and the shares started to trade on May 7th, 2013.

Created in 2004, ERYTECH is a French biopharmaceutical company that designs innovative treatments for acute leukaemia and other oncology indications with unmet medical needs. Its lead product, Graspa®, almost commercial, targets a potential market of €1bn. ERYTECH has already entered into two marketing partnerships with major pharma groups: Recordati-Orphan Europe, a leading player in orphan drugs, for Europe and TEVA for Israel.

This fundraising enables ERYTECH to implement its development plan and provide the necessary financial resources to:

  • Establish its leading acute leukaemia product across Europe through its strategic partnerships;
  • Build a position in the United States, a substantial market as large as Europe, with the possibility of strongly value-creating partnerships;
  • Develop new cancer indications to increase its leading product’s sales potential.

Gil Beyen, CEO of ERYTECH, and the co-founders of ERYTECH, Pierre-Olivier Goineau and Yann Godfrin, stated: “We are pleased that ERYTECH enters the stock exchange. Thanks to the funds raised, we will be in a position to pursue our value creation strategy. Throughout the whole process, the Bryan, Garnier & Co team has paid great attention to our transaction and shown an exceptional commitment by our side. Their skills and experience made our IPO a remarkable success.”

Olivier Garnier, Managing Partner, said: “ERYTECH is a good example of the high-potential growth companies that Bryan, Garnier & Co aims to accompany throughout their various development stages and for which we stand out as the ideal partner. We are delighted that ERYTECH becomes public under very good conditions, that is with a higher fundraising that initially expected and mid-spread pricing.”

Hervé Ronin, Director – Corporate Finance Healthcare, added: “In the context of several other companies going public at the same time, it was critical to position ERYTECH perfectly with a double objective to promote the compelling equity story of the company while differentiating ourselves. It was also essential to structure the deal to meet investors’ expectations and facilitate the transaction.”

Christian Finan, Director – Equity Capital Market, concluded: “ERYTECH is the most ambitious IPO in terms of size and potential on NYSE Euronext Paris since the beginning of the year. Our advanced knowledge of the expectations of institutional investors, both generalists and sector specialists, made it possible to post a successful result and to raise more than initially expected.”

For more information, please contact:

Olivier Garnier

Managing Partner

+33 1 56 68 75 71 ogarnier@bryangarnier.com

Hervé Ronin

Director – Corporate Finance

+33 1 70 36 57 22 hronin@bryangarnier.com

Christian Finan

Director – Equity Capital Markets

+33 1 56 68 75 30 cfinan@bryangarnier.com

Asmae Riadi

Analyst – Corporate Finance

+33 1 56 68 75 28 ariadi@bryangarnier.com

Raquel Pires

Analyst – Corporate Finance

+33 1 56 68 75 38 rpires@bryangarnier.com

About ERYTECH

Created in Lyon in 2004, ERYTECH is a French biopharmaceuticals company that opens new prospects for cancer patients, particularly those with acute leukaemia. By encapsulating the asparaginase enzyme in red blood cells, ERYTECH has developed GRASPA®, an original and effective treatment that kills leukaemia cells through “starvation” while significantly reducing the side effects for patients. GRASPA® is currently completing clinical development and is already covered by distribution partnership agreements in Europe with the Recordati-Orphan Europe group, one of the key players in orphan drugs, and in Israel with TEVA. In the United States, ERYTECH has received approval from the USFDA to launch its first clinical trial in acute leukaemia from 2013. The company has its own production facilities that are already in operation and a team of nearly 40 employees.

(http://www.erytech.com)

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