Sofinnova Partners lists DBV

The firm is initially offering 4,573,171 new shares with an extension clause of 685,975 shares and an over-allotment option of up to 788,871 shares.

Sofinnova has diluted its stake to 26%. The firm has a market capitalisation value of €120m.

The lock-in period for shareholders has been set to six months and for the management it is one year.

The IPO was oversubscribed and attracted new institutional investors and the FSI.

All cash raised has been re-invested in the company and will allow it to accelerate its main program and develop other programs.

Previous funding
Sofinnova has held a stake in the biopharmaceutical company since 2006 and has played a major part in three investment rounds.

In total, the firm has invested just under €20m in clinically developing the Viaskin product range.

The listing of the company was seen by the investors as the best way to raise money and get more visibility, according to the GP.

Company
DBV is a French food allergy treatment specialist and inventor of the Viaskin patch and Diallertest Milk.

The company was founded in Paris in 2002 by Doctor Pierre-Henri Benhamou, a paediatrician specialising in gastro-enterology. It currently employs 30 staff.

It has minor sales generated from its milk allergy diagnosis tool Diallertest but the company's potential is in the development of the Viaskin food allergy range, according to the GP.

People
Rafaèle Tordjman is managing partner at Sofinnova Partners.

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