Denmark's Zealand Pharma Set For Nov Partial Listing - Source
October 22 2010 - 12:56PM
Dow Jones News
Owners of privately held Zealand Pharma plan a partial listing
of the Danish biotech firm next month to generate up to EUR125
million for use in innovative drug discovery, a person familiar
with the mater said Friday.
The aim is to have around one-third of the shares in public
hands after the listing. Pricing for the IPO is likely to be around
middle of November and before Thanksgiving, to ensure adequate U.S.
interest, the source said.
"None of the insiders are selling shares--it's all going to be a
primary raising for the company which is keen to roll out its
portfolio," the person said. "This is a capital raising to continue
funding R&D in their portfolio."
Bookrunners for the deal are Den Danske Bank of Denmark and
biotech specialists Jefferies. Sweden's SEB Enskilda and French
equity boutique Bryan Garnier are co-managers, the person said.
Owners of the Danish biotech are using its promising
experimental drug for diabetes, called lixisenatide, to lure
potential investors.
The candidate medicine belongs to the GLP-1 class of drugs that
stimulate insulin release when glucose levels become too high. It
is being co-developed with French drug giant Sanofi-Aventis SA
(SNY).
If approved for market, lixisenatide, which is in late stage
clinical development, would compete with Novo Nordisk A/S's
(NOVO-B.KO) Victoza and Amylin (AMLN) and Eli Lilly & Co.'s
(LLY) Byetta.
Spokespeople for Zealand Pharma couldn't be immediately
contacted by phone or email.
According to Zealand's website, its shareholders with more than
5% of the biotech's share capital and voting rights are
Denmark-based Sunstone BI Funds and Sunstone Capital, France-based
CDC Innovation, Denmark-based LD Pension, France-based Allianz
Innovation, Denmark's A/S Dansk Erhvervsinvestering, and LSP of the
Netherlands.
-By Sten Stovall, Dow Jones Newswires; +44 207 842 9292;
sten.stovall@dowjones.com
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