VC-backed Ascendis raises $108m in IPO
Ascendis Pharma, a Danish biotech backed by a consortium of VCs including Sofinnova Partners and Gilde Healthcare Partners, has listed on the Nasdaq.
The company sold 6 million shares, meaning it has raised $108m in total from the listing.
The business listed on the Nasdaq on 28 January, with a market cap of $394.8m, under the ticker "ASND".
Bank of America Merrill Lynch and Leerink Partners were appointed as joint bookrunning managers for the flotation. Wells Fargo Securities acted as co-manager.
Ascendis has received funding in the past from France-based Sofinnova Partners, US-based Sofinnova Ventures, Gilde Healthcare Partners, OrbiMed, Vivo Capital and German venture capital firm Technostart.
According to the company's F-1 filing with the US Securities and Exchange Commission, Sofinnova Partners – via its Sofinnova Capital V fund – is one of the company's largest shareholders with a 25.9% stake following the offering.
Gilde Healthcare now holds a 13% shareholding, while Technostart owns 8%, Sofinnova Ventures and OrbiMed each own 7.2% and Vivo holds 6%.
Previous funding
In December 2007, Ascendis raised €17.5m its series-A round from Gilde Healthcare, Sofinnova Partners and Technostart. Gilde invested via its €150m Gilde Healthcare II fund. Sofinnova led the round.
In December last year, the company secured a further $60m from OrbiMed, Sofinnova Ventures, Venrock Ventures, RA Capital, Vivo and Epidarex Capital (formerly Rock Spring Ventures).
Company
Founded in 2007, Ascendis is headquartered in Copenhagen with an additional office in Palo Alto and research and development sites in Heidelberg in Germany and Copenhagen.
The company has developed its TransCon technology, which is designed to create product candidates that are improved versions of existing drugs.
Ascendis generated €20.4m in revenues in 2013. It employs 55 staff.
People
Jan Møller Mikkelsen is the CEO of Ascendis. The company's board of directors includes Sofinnova Partners managing partner Rafaèle Tordjman, OrbiMed partner Jonathan Silverstein, Technostart founder Michael Mayer, Sofinnova Ventures partner James Healy, Gilde Healthcare managing partner Edwin de Graaf and Vivo managing partner Albert Cha.
More on Nordics
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Trind VC plans up to five early-stage investments in next six months
VC has deployed around 10% of its second, EUR 55m fund and plans to invest in up to 40 startups
Letter from the editor: Unquote is moving to Mergermarket
Unquote Editor Harriet Matthews outlines Unquote.com's upcoming move to the Mergermarket platform and the new capabilities and intelligence that this brings to Unquote readers
Main Capital’s Assessio to be sold to Pollen Street
Recruitment software company tripled in revenue under Main Capital’s ownership
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater