Novo Nordisk-backed Orphazyme lists in DKK 1.6bn IPO

Other shareholders post-IPO, excluding the overallotment option, include Orpha Pooling (13.6%), while Kurma Partners, Idinvest Partners and Life Sciences Partners (LSP) now hold less than 5% in the company.

The flotation raised DKK 600m of gross proceeds excluding the overallotment option, which if exercised will push the amount to DKK 690m.

The offering includes the sale of around 7.5 million newly issued shares and an overallotment option of 1.125 million shares.

The share price was set at DKK 80 apiece, for a market cap of DKK 1.6bn.

Cornerstone investors SEB, Vækstfonden, BankInvest, Handelsbanken and Spar Nord were allocated shares to the tune of DKK 230m, equivalent to 38.3% of the offering (excluding the overallotment option).

Carnegie and Danske Bank acted as joint global coordinators and joint bookrunners.

Previous Funding
Sunstone Capital and Novo invested DKK 22m in an extended seed round for the business in February 2011. Novo initially backed the company and Sunstone approached the investor with a request to join as a co-investor. Equity for the transaction was provided by Sunstone Capital Life Science Fund II.

Aescap invested €14m in a series-A round for Orphazyme later that year. Existing investors Novo and Sunstone also participated in this investment round.

Kurma and Idinvest joined existing investors Novo, Sunstone and Aescap in a €20m series-B funding round in January 2015. Orphazyme used the fresh capital to fund development of new therapeutic treatments for people suffering from severe, incurable diseases. As part of the funding, Kurma managing partner Remi Droller joined the company's board of directors.

In March 2017, LSP and ALS Investment Fund provided a €14m round of growth funding to Orphazyme. The additional funding was intended to develop the firm's lead programme, Arimoclomo.

Company
Founded in 2009 and headquartered in Copenhagen, Orphazyme is a biopharmaceutical business that develops medicines for the treatment of genetic diseases, with a particular focus on degenerative illnesses. It works on a late-stage drug pipeline, developing new treatment options for orphan protein misfolding diseases.

People
Orphazyme – Anders Hinsby (CEO).

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