Molecular Partners launches Swiss IPO

The company expects to reap proceeds totalling CHF 125m to fund the continued development of its treatments and to improve its research and development capabilities. It also intends to raise capital for bolt-on opportunities.

Molecular Partners has raised approximately CHF 64.5m from two funding rounds. In September 2007, the biopharmaceutical company raised CHF 18.5m in a series-A financing round. Investors included BB Biotech Ventures, Endeavour Vision and Johnson & Johnson Development Corporation. The capital was intended for the advancement of its portfolio towards the clinical stage and to diversify its therapeutic pipeline.

In December 2009, Essex Woodlands Health Ventures led a CHF 46m series-B round alongside existing investors. Molecular Partners approached Essex Woodlands directly for investment. The specialist investor used its eighth fund, which closed on $800m in 2009, to finance the deal.

The biotech also raised CHF 161m of non-equity funding from other sources.

JP Morgan is acting as the sole global coordinator and joint bookrunner with UBS Investment Bank. Cowen & Co and Bank am Bellevue are acting as co-managers.

Established in 2004 as a spinout of the University of Zurich, Molecular Partners focuses on the discovery and development of a novel class of therapeutic proteins, called DARPins. DARPins are characterised by molecular properties such as very high stability and production yields, which are designed to function as a team to select and stop multiple disease-specific targets. They can be used in the treatment of cancer and sight disorders.

The company has four compounds in various stages of clinical and pre-clinical development, as well as several ongoing research programmes. Molecular Partners has partnerships with pharmaceutical companies such as Allergan, Roche and Janssen.

Christian Zahnd is CEO of Molecular Partners.

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