BELGIUM - LSP, Sofinnova-backed Movetis completes EUR85m IPO

The offering, which was priced at EUR 12.25 per share, was approximately 1.5 times subscribed. Movetis issued 6,938,776 new shares, equivalent to EUR85m. Additionally, 1,040,816 over-allotment shares will be allocated, equivalent to EUR 12.75m. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to EUR 97.75m.

Movetis was established in December 2006, with products and technologies licensed from Janssen Pharmaceutica NV and Ortho-McNeil Pharmaceutical Inc, both affiliates of Johnson & Johnson. The company develops drugs targeting gastro-intestinal diseases and currently has a portfolio of eight products in different stages of development.

The funds will allow Movetis to support the commercialisation of its lead product Resolor in selected countries in the EEA, which is a medication destined to treat female chronic constipation. The funds will also enable the company to expand its label and seek registration of Resolor for additional indications that could double its European patient population.

In 2007, Life Sciences and Sofinnova co-led a EUR49m series-A financing round for the business. Other participating investors in the round were KBC Private Equity, KBC Private Equity Fund Biotech, GIMV, Sofinnova Ventures, BIP Investment Partners and Quest for Growth.

Credit Suisse and KBC Securities acted as joint global coordinators and bookrunners for the IPO. Piper Jaffray acted as co-manager. From today, Movetis will trade under the ticker symbol "MOVE".

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