Sofinnova's Cerenis in €226m IPO

The offering, which was 3.8x oversubscribed according to Sofinnova, gave Cerenis a market cap of €226m. Cerenis issued 4,207,316 shares priced at €12.70 apiece – the top of the indicative range. Trading will begin on 30 March.

Cerenis will use the fresh capital to finance study costs for two of its products in development.

A number of funds managed by existing shareholders – including Sofinnova Partners, Alta Partners, BPI France and iXO Private Equity, among others – invested an overall €15.6m in the IPO. All financial shareholders are subject to a one-year lock-up period.

CM-CIC Securities and Gilbert Dupont acted as joint lead managers and joint bookrunners in the IPO.

Previous funding
Sofinnova Partners led the company's €25m first round of funding in 2005, alongside HealthCap, Alta Partners, EDF Ventures and NIF SMBC Ventures. In late 2006, TVM led a €42.1m series-B funding round alongside US-based OrbiMed and all the company's previous investors.

In 2010, French government-backed FSI and existing investors provided Cerenis with a €40m series-C round of funding. FSI (now BPI France) contributed €20m to the round. The remainder was provided by Sofinnova Partners, HealthCap, Alta Partners, TVM Capital, EDF Ventures, OrbiMed and Daiwa Corporate Investment.

Sofinnova has remained the company's main shareholder since its first investment in 2005.

Company
Founded in 2005 and based in Toulouse, Cerenis Therapeutics is a biopharmaceutical company specialising in the research and development of therapies based on the metabolism of "good" cholesterol, in order to treat cardiovascular and other metabolic diseases.

People
Denis Lucquin represented Sofinnova Partners and has a seat on the company's board.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• France
• Healthcare
• IPO
• France
• Sofinnova Partners
• Unq2015Apr