Galen-backed Quotient raises $40m in IPO

The offering of 5 million units, comprising one ordinary share and one warrant to purchase 0.8 of one ordinary share, was priced at $8 per unit and gives Quotient a market cap of $115m.

The company ended up selling the units at around half of the original indicative price range – when the company originally filed for its IPO, the indicative price range sat at $14-16 with the aim of raising up to $80m. The price range was then lowered to $9-11 in mid-April.

An additional 750,000 units at the IPO price have been granted to the underwriters as an overallotment option.

According to Quotient's prospectus on the US Securities and Exchange Commission, Galen held a stake of 57.2% in the company prior to the offering, which has been diluted to 37.3% following the IPO.

UBS Investment Bank, Baird and Cowen & Company acted as joint bookrunning managers for the flotation. Quotient's stock began trading on the Nasdaq on Friday 25 April under the ticker "QTNTU".

Following the expiration of the underwriters' 30-day window for the overallotment option, Quotient's shares and warrants will begin trading separately under the tickers "QTNT" and "QTNTW" respectively.

Previous funding
In March 2012, Galen led its first investment in Quotient in an $11.2m funding round.

This was followed in February last year by a further $5m capital injection, in a round led by Galen and Quotient CEO and founding shareholder Paul Cowan.

Company
Founded in 2007, Quotient is headquartered in Edinburgh with additional offices in Newtown, US, and near Geneva, Switzerland.

The company develops and supplies immunohematology (blood-typing, cross-matching and antibody identification) products to hospitals and blood banks. It has developed Mosaiq, a platform for transfusion diagnostics, designed for characterisation of patient and donor red blood cells and plasma.

Quotient generated revenues of $14.3m in the 12 months ending March 2013.

People
Paul Cowan is the CEO of Quotient.

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