LSP's portfolio company Movetis raises targeted EUR 85 million in successful Initial Public Offering on Euronext Brussels
First significant size IPO in the European Life Sciences sector since early 2008 -Largest IPO in the Life Sciences sector on Euronext Brussels
Amsterdam, December 4th, 2009
LSP (Life Sciences Partners) today announced that Movetis, a European specialty pharmaceutical company focused on the discovery, development and commercialisation of proprietary, innovative and differentiated drugs for the treatment of diseases in the GI area with a high unmet medical need, has successfully completed its Initial Public Offering (IPO) raising the targeted EUR85 million. Movetis will be listed on Euronext Brussels and will begin trading, as of tomorrow, 4th December 2009, under the ticker symbol 'MOVE'.
The IPO was priced at EUR 12.25 per share. Movetis will issue 6,938,776 new shares, equivalent to EUR 85 million, as a result of the Offering. Additionally, 1,040,816 over-allotment shares, equivalent to EUR 12.75 million, will be allocated. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to ?97.75 million.
The IPO was led by Credit Suisse and KBC Securities as Joint Global Coordinators and Joint Bookrunners. Piper Jaffray acted as Co-Manager.
Dirk Reyn, CEO of Movetis commenting on today's announcement said, 'The funds that we have raised through our successful IPO will allow Movetis to support the commercialisation in selected countries in the EEA of Resolor® (prucalopride), our most advanced asset, for female chronic constipation patients who do not get adequate relief with their current laxative therapy. We believe that Resolor will have a major impact on the treatment of chronic constipation given the strong efficacy and safety data behind the product and the fact that this market has seen limited or no innovation over the last ten years. The funds will also enable us to work to expand or optimise the label and to develop and seek registration of Resolor for additional indications that could double its European patient population, and to invest in our pipeline of novel GI drug candidates for ascites and paediatric and adult reflux'.
'Our ability to successfully complete the first significant size IPO in the European life sciences sector since early 2008 demonstrates investor confidence in the GI market, in Movetis' strategy and in the potential of Resolor and our strong portfolio of GI products. Together with the full Movetis team, who helped to realise this success, I very much look forward to building a successful European specialty GI company which both improves the care of GI patients and delivers attractive value to its shareholders.'
Movetis is at an exciting point in its development. The Company is about to begin its direct commercial activities with the launch of Resolor. Movetis expects to launch Resolor in Germany in the first half of 2010 followed by the UK, the Netherlands, France, Belgium and Luxembourg. In addition, the Company intends to seek one or more partnership deal(s) in other markets of the European Economic Area, to ensure that Resolor reaches the large European population of female patients that visit their doctors for chronic constipation and are dissatisfied with their current laxative treatment.
Movetis gained EU approval for its lead product Resolor in October 2009 for symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief.
Offer Highlights
. The final IPO price was set at EUR 12.25 per share and applies to both retail and institutional investors.
. The base offering was at the final IPO price approximately 1.5 times subscribed.
. Retail investors have been allocated 10% of the total number of allotted shares or 797,960 shares. Retail investors will be allocated 92% of their requested shares. All these shares are new shares with VVPR-strips.
. As a result of this IPO, Movetis raised EUR 85 million in gross proceeds. Together with the existing shares, the number of outstanding shares (before the over-allotment option) amount to 19,994,359 representing a market capitalisation of approximately EUR 244.9 million based on the IPO price.
. The Joint Global Co-ordinators have been granted an over-allotment option by Movetis, exercisable from the first day of trading and until 30 days thereafter. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to EUR 97.75 million.
. The shares and VVPR strips have been listed and will be trading on Euronext Brussels as of 4th December on an 'as-if-and-when-issued-or-delivered' basis under the symbol 'MOVE' (shares) and 'MOVES' (VVPR strips). Delivery and payment of the Movetis shares is expected to be made on 8th December 2009. The closing of the offering and the delivery of the shares are subject to certain conditions and can be suspended or even be cancelled. Assuming closing of the offering occurs on 8 December, the shares will be listed unconditionally on Euronext Brussels as of 8th December 2009.
About Movetis
Movetis is a European specialty GI company that is focused on improving the lives of millions of patients - both adults and children - by discovering, developing and commercialising innovative treatments targeting GI conditions with a high unmet medical need. Movetis NV was founded in Belgium in November 2006 as a spin-off of Johnson & Johnson.
Movetis has a broad portfolio of GI products: Resolor® (prucalopride) is approved in the EEA for the indication 'symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief' and the marketing authorisation application is furthermore under review in Switzerland; two products are in Phase II development and Movetis has two prioritised compounds in preclinical development, all addressing important GI areas including ascites, paediatric reflux, refractory GORD (gastroesophageal reflux disease) and severe forms of irritable bowel syndrome. In addition, Movetis has rights to a large library of qualified lead compounds with potential for development in different GI indications and access to know how for compounds in secretory diarrhoea. The current portfolio is licensed from Janssen Pharmaceutica NV, Belgium and Ortho-McNeil Pharmaceutical Inc., two Johnson & Johnson companies.
About LSP
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 500 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced life-science investors.
For further information please contact:
Martijn Kleijwegt
Managing Partner
Tel: +31 20 664 5500
Email: mkleijwegt@lspvc.com
www.lspvc.com
Amsterdam, December 4th, 2009
LSP (Life Sciences Partners) today announced that Movetis, a European specialty pharmaceutical company focused on the discovery, development and commercialisation of proprietary, innovative and differentiated drugs for the treatment of diseases in the GI area with a high unmet medical need, has successfully completed its Initial Public Offering (IPO) raising the targeted EUR85 million. Movetis will be listed on Euronext Brussels and will begin trading, as of tomorrow, 4th December 2009, under the ticker symbol 'MOVE'.
The IPO was priced at EUR 12.25 per share. Movetis will issue 6,938,776 new shares, equivalent to EUR 85 million, as a result of the Offering. Additionally, 1,040,816 over-allotment shares, equivalent to EUR 12.75 million, will be allocated. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to ?97.75 million.
The IPO was led by Credit Suisse and KBC Securities as Joint Global Coordinators and Joint Bookrunners. Piper Jaffray acted as Co-Manager.
Dirk Reyn, CEO of Movetis commenting on today's announcement said, 'The funds that we have raised through our successful IPO will allow Movetis to support the commercialisation in selected countries in the EEA of Resolor® (prucalopride), our most advanced asset, for female chronic constipation patients who do not get adequate relief with their current laxative therapy. We believe that Resolor will have a major impact on the treatment of chronic constipation given the strong efficacy and safety data behind the product and the fact that this market has seen limited or no innovation over the last ten years. The funds will also enable us to work to expand or optimise the label and to develop and seek registration of Resolor for additional indications that could double its European patient population, and to invest in our pipeline of novel GI drug candidates for ascites and paediatric and adult reflux'.
'Our ability to successfully complete the first significant size IPO in the European life sciences sector since early 2008 demonstrates investor confidence in the GI market, in Movetis' strategy and in the potential of Resolor and our strong portfolio of GI products. Together with the full Movetis team, who helped to realise this success, I very much look forward to building a successful European specialty GI company which both improves the care of GI patients and delivers attractive value to its shareholders.'
Movetis is at an exciting point in its development. The Company is about to begin its direct commercial activities with the launch of Resolor. Movetis expects to launch Resolor in Germany in the first half of 2010 followed by the UK, the Netherlands, France, Belgium and Luxembourg. In addition, the Company intends to seek one or more partnership deal(s) in other markets of the European Economic Area, to ensure that Resolor reaches the large European population of female patients that visit their doctors for chronic constipation and are dissatisfied with their current laxative treatment.
Movetis gained EU approval for its lead product Resolor in October 2009 for symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief.
Offer Highlights
. The final IPO price was set at EUR 12.25 per share and applies to both retail and institutional investors.
. The base offering was at the final IPO price approximately 1.5 times subscribed.
. Retail investors have been allocated 10% of the total number of allotted shares or 797,960 shares. Retail investors will be allocated 92% of their requested shares. All these shares are new shares with VVPR-strips.
. As a result of this IPO, Movetis raised EUR 85 million in gross proceeds. Together with the existing shares, the number of outstanding shares (before the over-allotment option) amount to 19,994,359 representing a market capitalisation of approximately EUR 244.9 million based on the IPO price.
. The Joint Global Co-ordinators have been granted an over-allotment option by Movetis, exercisable from the first day of trading and until 30 days thereafter. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to EUR 97.75 million.
. The shares and VVPR strips have been listed and will be trading on Euronext Brussels as of 4th December on an 'as-if-and-when-issued-or-delivered' basis under the symbol 'MOVE' (shares) and 'MOVES' (VVPR strips). Delivery and payment of the Movetis shares is expected to be made on 8th December 2009. The closing of the offering and the delivery of the shares are subject to certain conditions and can be suspended or even be cancelled. Assuming closing of the offering occurs on 8 December, the shares will be listed unconditionally on Euronext Brussels as of 8th December 2009.
About Movetis
Movetis is a European specialty GI company that is focused on improving the lives of millions of patients - both adults and children - by discovering, developing and commercialising innovative treatments targeting GI conditions with a high unmet medical need. Movetis NV was founded in Belgium in November 2006 as a spin-off of Johnson & Johnson.
Movetis has a broad portfolio of GI products: Resolor® (prucalopride) is approved in the EEA for the indication 'symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief' and the marketing authorisation application is furthermore under review in Switzerland; two products are in Phase II development and Movetis has two prioritised compounds in preclinical development, all addressing important GI areas including ascites, paediatric reflux, refractory GORD (gastroesophageal reflux disease) and severe forms of irritable bowel syndrome. In addition, Movetis has rights to a large library of qualified lead compounds with potential for development in different GI indications and access to know how for compounds in secretory diarrhoea. The current portfolio is licensed from Janssen Pharmaceutica NV, Belgium and Ortho-McNeil Pharmaceutical Inc., two Johnson & Johnson companies.
About LSP
LSP (Life Sciences Partners) is a leading independent European investment firm, providing financing to private and public life-science companies. Since the late 1980s, LSP's management has invested in a large number of highly innovative enterprises, many of which have grown to become leaders of the global life-science industry. For example, LSP was a founding investor in Crucell, DNage, Qiagen, Rhein Biotech and Pharming. With over EUR 500 million under management and offices in Amsterdam, Munich and Boston, LSP is one of Europe's largest and most experienced life-science investors.
For further information please contact:
Martijn Kleijwegt
Managing Partner
Tel: +31 20 664 5500
Email: mkleijwegt@lspvc.com
www.lspvc.com
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