VC-backed Themis announces IPO price range

The offering will consist of 3,608,247 offer shares. The overallotment option of additional ordinary shares is equal to up to 15% of the offer shares subscribed for in the offering, so the offering could total 4,149,484 if the extension clause and overallotment option are fully exercised. 

The size of the offering will be approximately €35m based on the low-end of the price range and €55.3m based on the high-end of the price range. Assuming the mid-point in the pricing range is achieved, Themis will achieve a market cap of around €138.95m.

A pre-money valuation in the €85.4m-102.1m range is implied.

Backers US-based Global Health Investment Fund, Austria-based Gründerfonds Beteiligungs, France-based Ventech, and private investor Werner Lanthaler have committed to subscribe for shares in the offering, for an aggregate amount of €8.6m.

The company has also secured an investment from funds managed by Omnes Capital of €1.4m in convertible loan notes that will convert at settlement at the offer price.

Themis anticipates using the net proceeds of the offering to conduct the phase-III clinical trials for chikungunya, as well as driving research and development of its MV platform towards the immuno-oncology field and expanding commercialisation capabilities.

The business has been backed by VC firms since 2011, when Ventech led a €5m series-A funding round for Themis. The investor returned in November 2016 to take part in a €10m series-B along with AWS Gründerfonds, Omnes Capital and Wellington Partners. In January this year, GHIF led a €10m series-C round, with AWS Gründerfonds, Omnes Capital, Ventech and Wellington Partners Life Sciences also taking part.

Vienna-based Themis Bioscience was founded in 2009 and is a specialist developer of vaccines for emerging infectious diseases. The company has developed vaccine products for dengue and chikungunya fevers and is working on zika, respiratory syncytial virus (RSV), norovirus and cytomegalovirus, as well as other applications of immune system activation. The products are based on a new vaccine vector technology, developed by the Institut Pasteur in Paris, with which Themis collaborates.

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