Polyphor, a Switzerland-based biopharmaceutical company backed by multiple healthcare corporates, listed on the SIX Swiss Exchange yesterday after pricing its shares at CHF38 ($38) each.
The company has raised $155m in proceeds which could increase to $165m if underwriters fully exercise their over-allotment option. Its shares briefly rose to $40, though at the time of writing they are trading for CHF37.45.
Polyphor is working on drugs addressing antibiotic resistance and respiratory diseases. Its lead asset, Murepavadin, is currently in phase 3 clinical trials, and the IPO proceeds will fund the trial and the further development of Polyphor’s other drug candidates.
Murepavadin is aimed at pseudomonas aeruginosa, a multidrug-resistant pathogen that causes serious illnesses including hospital-acquired pneumonia, particularly affecting people already suffering from another condition, such as cystic fibrosis or a weakened immune system.
The company has formed collaboration and licensing agreements with pharmaceutical companies including Novartis, Gilead Sciences, Taisho Pharmaceutical and Boehringer Ingelheim, as well as charitable foundation Wellcome Trust.
Polyphor most recently secured $40m in an April 2017 funding round featuring undisclosed existing and new investors.
Giacomo Di Nepi, Polyphor’s CEO, said: “I am delighted that our initial public offering was so successful. The listing on the Six Swiss Exchange allows us to raise CHF155m to bring our products to patients affected by infections and hospital pneumonia and to women with metastatic breast cancer as well as to fund our future.
“Our IPO is the largest biotech IPO in Switzerland in over 10 years and one of the top three in Europe in the last three years in terms of proceeds raised by an issuer to finance the development of its pipeline.”