VC backers take part in €50m Innate Pharma capital increase

The company, which is listed on Euronext Paris, issued 6.25 million new ordinary shares priced at 800 cents apiece. The offer price reprsented an 11.7% discount on the average closing price in the five days prior to the transaction. Existing backers saw their collective stake diluted by 13.4% following the capital increase.

Existing investors OrbiMed, BPI France and Wellington Partners took part in the capital increase. The former was the largest investor in the capital increase, buying shares worth €8.8m. BPI France invested an extra €7m in the business, while Wellington Partners bought shares to the tune of €625,000. New backer Life Sciences Partners invested €2m in the transaction.

Other participants in the capital increase included Schroder Investment Management, Weiss Multi Strategy Advisers and Redmile.

Previous funding
Innate Pharma has raised funding from a variety of VC backers throughout the years, including €20m and €15m rounds in 2002 and 2004 respectively, according to unquote" data.

The company completed a €33.7m IPO on Euronext's compartment C in 2006. Around 30% of Innate Pharma's shares were offered for 750 cents each, valuing the company at €110m.

Following this latest capital increase, BPI France holds a 10.8% stake in Innate Pharma, while Wellington Partners and OrbiMed hold 7.91% and 7.26% stakes respectively.

Company
Founded in 1999, Innate Pharma specialises in the development of therapeutic antibodies targeting the receptors and pathways that control the activation of the innate immune system. Three candidates are currently being tested in clinical trials.

The company generated €12.5m in revenues derived from licensing and collaboration agreements in 2013. It posted a net loss of €2.8m that same year.

People
Hervé Brailly is the CEO and co-founder of Innate Pharma.

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