VC-backed Biocartis lists with €450m market cap

With a final offer price set at €11.50 per share, Biocartis reached a market cap of €450m (or €465m, assuming the full exercise of the over-allotment option). The offering solely comprised new shares, allowing the business to raise €100m prior to the exercise of the over-allotment option. Shares started trading on Euronext Brussels on 27 April.

KBC Securities acted as sole global coordinator in the offering. KBC Securities, Kempen & Co and Petercam acted as joint bookrunners.

Existing Biocartis shareholders committed to subscribe for an overall €21.5m as part of the IPO.

Previous funding
The company has been the recipient of a number of funding rounds over the past few years. Biocartis's series-A round took place in October 2009 – Advent Venture Partners, Biovest, KBC Private Equity and Aescap Venture provided €10m to the company.

Biovest, Advent and Aescap committed a further €30m the following April, alongside Johnson & Johnson Development Corporation (JJDC) and Debiopharm in the company's series-B.

PMV then invested in the company in November 2011 as part of a €71m series-C round. The capital injection was provided by a large consortium comprising PMV, Debiopharm, Philips, Valiance, Biovest, Wellcome Trust, New Rhein Healthcare, several family offices and members of Biocartis's senior management team.

The company's series-D round took place in December 2012, with PMV providing €11m of the €34.5m funding round. The majority of the business's previous backers reinvested in the round. The company then raised €30m in its series-E round from a group of investors including PMV, Debiopharm Diagnostics and JJDC at the end of 2013.

Biocartis most recently raised €64.5m from its backers in September 2014.

Company
Founded in 2007, Biocartis develops diagnostics systems with the aim of providing point-of-need personalised diagnostics tests. Its diagnostics platforms are designed predominantly for molecular oncology applications. The company is headquartered in Mechelen, Belgium.

People
Rudi Pauwels is CEO and founder of Biocartis.

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