BPI, Sofinnova, Novo Nordisk-backed Lysogene launches IPO

The IPO should raise net proceeds of approximately €27.1m for Lysogene. The total could increase to €31.4m if an extension clause is triggered, rising to €36.3m if the overallotment option is exercised.

The indicative price range for the IPO is 680-920 cents per share. Some 3.75 million new shares will be issued in the offering.

Shareholders Sofinnova, BPI and Novo have undertaken to place subscription orders totalling €15m, representing 50% of the offering's gross amount and 78.4% of its estimated gross proceeds. The company's free float will be a minimum of 7.79% after the IPO.

In addition, Financière Arbevel, a new investor in the group, has undertaken to place a subscription order of €2m, with a maximum price per share of 827 cents. Benefits from the transaction are mainly intended to finance Lysogene’s activities and continue the development of its drug candidates.

The closing of the open price offering will occur on 6 February 2017, and the close of the global placement the following day. The lock-up and standstill arrangements have been respectively fixed at 365 days and 180 days.

Societe Generale and Gilbert Dupont acted as joint lead managers and bookrunners on the IPO.

Sofinnova first invested in Lysogene in 2014, leading a €16.5m series-A round, with BPI and Novo – through its Novo Seeds fund – acting as minority co-investors.

Founded in 2009 and based in Paris, Lysogene is a clinical-stage biotechnology company developing gene therapies to treat rare and fatal central nervous system disorders and neuro-degenerative diseases in children.

The group is developing new drug candidates to treat two rare neurological diseases with fatal consequences, for which no disease-modifying treatment is currently marketed.

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• Intention to float