(Bloomberg) — AgomAb Therapeutics NV, a clinical-stage biopharmaceutical firm backed by EQT Life Sciences, closed 8.4% beneath its IPO worth in its buying and selling debut Friday after the agency raised $200 million in an inventory.
Its American depositary receipts closed at $14.65 every in New York, versus an preliminary public providing worth of $16. The corporate offered 12.5 million ADRs on Thursday, after advertising them for $15 to $17 apiece. Every ADR represents one abnormal share, in accordance with its regulatory filings.
The buying and selling offers the Antwerp, Belgium-based agency a market worth of about $714 million, primarily based on the excellent shares listed in its filings.
AgomAb is targeted on immunology and inflammatory ailments, growing an oral drug to deal with Fibrostenosing Crohn’s Illness — a extreme complication of Crohn’s illness the place repeated irritation causes scarring and narrowing within the intestines. The corporate can be analyzing an inhalation remedy for a uncommon lung illness. The IPO proceeds will principally be used to assist develop the medication.
The agency raised practically €300 million ($354 million) privately from buyers together with Andera Companions, Boehringer Ingelheim Enterprise Fund, Canaan, associates of KKR & Co., EQT AB’s EQT Life Sciences, Constancy Administration & Analysis Co., Invus, Pfizer Inc. and Sanofi.
In late 2024, AgomAb raised €82.1 million from a Collection D financing with participation from Sanofi, Invus and others. EQT Life Sciences was anticipated to have a 7.9% stake in AgomAb following the IPO, and Constancy has 6.8%, in accordance with the filings.
AgomAb incurred a web lack of €45.1 million for the 9 months ended Sept. 30, in contrast with a web lack of €34.5 million for a similar interval a 12 months earlier, the filings present.
The corporate is headed by Chief Govt Officer Tim Knotnerus, who was beforehand the pinnacle of company improvement at AM-Pharma the place he and his workforce negotiated a $600 million option-to-buy take care of Pfizer.
The providing was led by JPMorgan Chase & Co., Morgan Stanley, Leerink Companions and Van Lanschot Kempen. The corporate’s ADRs commerce on the Nasdaq International Market below the image AGMB.
(Updates with closing costs all through.)
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