Deal in focus: uniQure raises $91.8m in IPO

In the last 12 months, venture-funded European biotechs Prosensa, Oxford Immunotec Global and Egalet have all trekked across the pond to go public. Confidence in the healthcare industry on Europe's public markets remains low, but this won't result in the continent's venture firms slowing their investments in the space, says Forbion Capital Partners managing partner and uniQure board director Sander Slootweg.

Forbion's portfolio company uniQure raised well above its original $75m expectation in its public debut, netting $91.8m through the sale of 5.4 million shares at $17 apiece. The listing gave uniQure an impressive market cap of $285.5m.

Investors have voiced their concerns in recent months over the current lack of traction on Europe's public markets, reasoning that while venture capital firms struggle to divest their current biotech portfolios they will pour less and less capital into the industry.

Slootweg, however, believes Europe is still a good hunting ground for investments in the space: "Capital in the EU remains scarce, which means investment terms are more favourable." 

As well as this, the success of so many European biotechs listing in the US shows that the option of floating in the states is a good means of divesting portfolio firms.

"The US markets represent deeper pools of capital and more specialised investors," says Slootweg, "as well as better analyst coverage and more liquidity in stock, which leads to higher market capitalisations on a comparative basis."

Forbion has been a backer of uniQure since its formation. The company was established in 2012 following the liquidation of NYSE Euronext-listed Amsterdam Molecular Therapeutics (AMT). AMT was delisted and its entire business acquired by the new private entity, which was established and owned by Forbion. Forbion provided €6m in funding to uniQure as part of the transaction.

Gilde Healthcare, Forbion and Advent Venture Partners were shareholders of AMT prior to its liquidation, alongside Omnes Capital. The four firms had committed €22m to AMT in its series-A funding round in October 2006.

In June 2007, AMT listed on the NYSE Euronext Amsterdam, raising a total of approximately €55.7m (including the partial exercise of the over-allotment option) and giving it a market cap of €139m. In December 2011, the company raised €2.5m in a private placement from Forbion, Gilde Healthcare and Advent. The company subsequently went into liquidation in February 2012.

New investor Coller Capital then led a €14.1m round for uniQure in May 2013, with Coller, Forbion and Gilde Healthcare supplying €13.5m to the company in the form of a convertible loan. The remaining €600,000 was provided by uniQure staff. In July, uniQure converted the loan to equity alongside a €31m capital injection from Chiesi Farmaceutici.

Amsterdam-headquartered uniQure develops human gene-based therapies. Its Glybera product is designed to treat lipoprotein lipase (LPL) deficiency, a mutation in the LPL-coding gene that causes a lack of ability to produce the LPL enzymes needed to break down fatty acids.

In the nine months to September 2013, uniQure generated €2m in revenues. The company was founded in 1998 as AMT, and currently employs 87 staff. Its CEO is Jörn Aldag.

People
Forbion Capital Partners – Sander Slootweg
Gilde Healthcare – Edwin de Graaf

This deal was originally covered on 6 February 2014.

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• Topics
• Benelux
• Healthcare
• IPO
• Coller Capital
• Omnes Capital
• Advent Venture Partners
• Gilde Investment Management
• Netherlands