NORWAY - NeoMed reaps NOK 58m from Clavis placement

The deal saw NeoMed divest 1,200,000 shares at NOK 48 each, more than 3x the price of the private placement earlier this year. The stock rocketed following the announcement of a USD 380m partnership agreement with Clovis Oncology for further development and commercialisation of the Clavis Pharma drug candidate.

Half of the placement was subscribed to by Nordic bank Nordea, which, through Nordea Fondene Norge AS, now holds a 5% stake in the compny. NeoMed, via its NeoMed Innvoation III LP fund, retains a 13% interest following the transaction.

In September this year, Clavis Pharma completed a private placement, raising NOK 129m from new and existing investors including NeoMed Management, MVM Life Sciences Partners and Braganza AS. NeoMed, via its fund NeoMed Innovation III, subscribed to 1,150,000 new shares bringing their total stake in the company to 18%.

Shares were priced at NOK 12 per share, and the private placement represented 80% of outstanding share capital.

NeoMed first backed Clavis Pharma in 2001 alongside Norsk Hydro Technology Ventures. MVM joined the two backers in a second round of founding the following year, and Braganza took part in a third round in 2005.

In 2006, Clavis Pharma floated on the Oslo Stock Exchange. The company raised a total of NOK 242m in a pre-IPO and an IPO offering at a share price of NOK 45.50, totalling EUR 30.4m. Prior to the listing, NeoMed held 34% of the shares in the business; MVM a total of 34%; and Norsk Hydro Pensjonskasse 12%.

Founded in 2001, Clavis Pharma is a biopharmaceutical research company based in Oslo. It is engaged in the development of new and superior pharmaceuticals for the treatment of cancer. The company's lipid vector technology is based on approximately 15 years of research originally initiated by Norsk Hydro.

Norwegian bank DnB NOR led the book building process.

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