Seventure and CM-CIC's Biophytis to raise €20m via IPO

José Rojo
29 June 2015

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Biophytis, a French age-related medical drug developer backed by Seventure Partners and CM-CIC Partners, is aiming to raise €19.9m with its upcoming listing on Alternext.

The flotation, expected to take place between 29 June and 7 July, has an indicative price range of €6-8.1 per share.

Arranged by bookrunner Invest Securities, the offering comprises 2,230,000 new shares, together representing a capital increase of €15.7m.

Should the extension clause and the over-allotment option be fully exercised, a further maximum of 334,500 and 384,675 shares will be sold, respectively. This would increase potential proceeds to €19.9m.

Seventure Partners and CM-CIC currently hold a combined 49.29% stake in Biophytis, the former's 24.77% leading by a short margin over the latter's 24.52%. Should the IPO go forward, Seventure is expected to retain a minimum of 15.57%, while CM-CIC would keep 15.4%, together representing a 30.97% shareholding.

The flotation is the second by a private equity-backed French healthcare business in the past few days. Last Friday, Apax France-owned orthopaedic implant designer Amplitude Surgical listed on Euronext Paris with a €234.6m market cap.

Founded by Stanislas Veillet in 2006, Biophytis is a pharmaceuticals and research company. It specialises in the development of drugs derived from nutraceutical active substances, which are used in treatments of metabolic and age-related diseases.

Headquartered in Romainville, France, the business currently operates a subsidiary in Sao Paulo, Brazil, and works in partnership with research institutions including UPMC, ICAN, l'Institut de Myologie and l'Institut de la Vision.

Seventure and CM-CIC have been shareholders in Biophytis since June 2009, when they injected a combined €3m into the business.

In October 2012, the duo were joined by research centre Metabrain Research for a €2m series-B round for the pharmaceutical company. According to unquote" data, the firm's contribution for the round was around the €800,000 mark.