BELGIUM - LSP and Sofinnova prepare Movetis IPO

The company will offer EUR 85m worth of new ordinary shares, a figure that could be upped by 15%. A further 15% over-allotment option could raise the total to just under EUR 113m. Shares have been quoted between EUR 11.25 - 14.25 per unit. The bookbuilding process started today and will go on until 2 December, with a first day of trading set for 4 December.

Headquartered in Vosselaar and founded in 2006 as a spin-out from Johnson & Johnson, Movetis develops drugs against gastro-intestinal diseases and currently has a portfolio of eight products in different stages of development. The equity would fund the European launch of its Resolor treatment for chronic constipation in women.

LSP and Sofinnova invested in Movetis in early 2007, co-leading a EUR 49m series-A round for the gastrointestinal drug manufacturer. At the time, other participating investors included KBC Private Equity and KBC Private Equity Fund Biotech, GIMV, Sofinnova Ventures, BIP Investment Partners and Quest for Growth.

Crédit Suisse and KBC Securities are acting as joint global coordinators and bookrunners with Piper Jaffray acting as co-manager.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• Benelux