VC-backed Kiadis Pharma lists with €166.4m market cap

Kiadis Pharma commenced trading on Euronext Amsterdam and Euronext Brussels under the KDS ticker on 2 July.

The flotation saw a total of 2,613,636 new shares being placed at €12.5 per share, a price within the €11-13.75 range that was announced last week. The stock, which represents a €32.7m capital increase, includes shares resulting from a fully exercised greenshoe option. A further 392,045 shares could be issued via the over-allotment option, leading to €37.6m in potential proceeds for Kiadis.

The biopharmaceutical company intends to use the IPO funds to repay part of its €8.7m in debt obligations and diversify its current therapy portfolio through the acquisition of complementary businesses.

Kiadis's consortium of minority shareholders will invest a combined €12m as part of the IPO. Leading the team is VC firm Draper Esprit, which currently holds a 29.8% stake that could be diluted to 24.4% following the flotation. Additional shareholders include Life Sciences Partners, Lenildis Holding and Alta Partners, expected to retain a respective minimum of 22%, 15.6% and 7%, respectively, after the listing.

The IPO, which features a 180-day lock-up period, was arranged by firms Peel Hunt, KBC Securities and Kempen & Co as underwriters, with the KBC and Kempen as joint bookrunners and Kempen & Co serving as the sole global coordinator.

The offering is the last in a string of healthcare company listings in the past few weeks. On 30 June, Swedish healthcare provider Capio was given a SEK 6.846bn market cap when it listed on the Stockholm stock exchange.

Additional transactions include French prostheses designer Amplitude Surgical's €239m IPO last week and Biophytis's plans to raise €20m when it lists in the coming days.

Previous funding
In June 2007, Alta Partners led a €15m round in Kiadis Pharma alongside Draper Esprit (then DFJ Esprit), Life Science Partners and Noordelijke Ontwikkelingsmaatschappij.

The four investors were joined by Belgium-headquartered Quest for Growth in November 2012 for a €10m round, according to unquote" data. The investment was followed by a final €5.1m raised by the biopharmaceutical business in 2014.

Company
Founded in 1997, Kiadis Pharma is a clinical-stage biopharma business specialising in the development of drugs against blood cancers and inherited blood disorders such as thalassemia. Headquartered in Amsterdam, Kiadis operates additional development centres in Europe, Canada and the US.

Employing 26 staff, the business claims to have not generated any revenues since foundation, with €21.4m in aggregate losses over the past three years. Negative cashflow is forecas to remain the case in the future, as the company expects to keep investing heavily in clinical development and research.

People
Manfred Rüdiger is CEO at Kiadis Pharma, while Mark Wegter is chairperson of the company's supervisory board.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Benelux
• Exits
• Healthcare
• Netherlands
• DFJ Esprit
• Alta Partners Capital
• IPO