Germany-based biopharmaceutical company Probiodrug, which is backed by pharmaceutical corporation Biogen Idec, has priced its initial public offering.
The company plans to raise up to €32m ($40.8m), and will offer up to 1.7 million shares on the Euronext Amsterdam market priced between €15.25 and €19.00 per share.
Probiodrug is researching and developing novel therapeutic solutions to treat people with Alzheimer’s disease. Funds raised through the offering will be used to further develop drug candidates, and to broaden research.
Probiodrug has also announced that its existing shareholders, HMB Healthcare, Life Science Partners, Edmond de Rothschild Investment Partners, IBGBB Biotech and Biogen Idec, are to invest $18.9m in the company.
Kempen & Co is serving as sole global coordinator and bookrunner for the IPO, while Petercam has been appointed as co-bookrunner and Close Brothers Seydler Bank as the selling agent.
Probiodrug raised $19m in 2012 from Biogen Idec, which invested through its Biogen Idec New Ventures subsidiary, BB Biotech, Edmond de Rothschild, TVM Capital, Life Science Partners, HMB, IBG, Wellington Management, and additional private investors.
The companty secured $54m from undisclosed investors in a 2009 series B round. Landesbank Baden-Wuerttemberg, KfW, Sachsen LB and Bayern Kapital have also backed the company.