Bryan, Garnier & Co acts as Joint Global Coordinator on Celyad’s EUR46.1 million global equity offering
Context
Celyad is a Belgian CAR-T cell therapy biopharmaceutical company listed on Nasdaq, Euronext Brussels and Euronext Paris.
By optimizing each element of CAR-T constructs, the company is focused on developing the next wave of CAR-Ts to address the limitations of current CAR-T therapies and pursues both autologous and allogeneic approaches.
The lead candidate, CYAD-01, a CAR-T therapy leveraging the natural killer receptor NKG2D, is being developed for the treatment of hematologic and solid tumors and in the phase I/II THINK trial, activity has been observed in several AML patients (including one complete response) and in patients with CRC and ovarian cancer.
The company holds a strong intellectual property portfolio that allows collaboration with world-class pharma companies.
Company sought additional funds to further finance its R&D effort and general corporate purposes.
Transaction highlights
Bryan, Garnier & Co and Wells Fargo Securities acted as Joint Global Coordinators & Joint Bookrunners. Bank Degroof Petercam and LifeSci Capital acted as Co-Managers. Kempen acted as Adviser to the company.
Celyad raised EUR46.1m (including 15% greenshoe option) in a global SEC-registered equity offering targeting institutional investors across the US and Europe.
The offering priced, following a 1-day fully-marketed bookbuilding process, at EUR22.29 per share.
In advance of the Offering, Celyad met with more than 30 investors (generalists and specialists) in NDR activity led by Bryan, Garnier & Co, end of April and early May.
Investors from European and the rest of the world (excluding US) represented 56% of the demand with US investors contributing to 44% of the book. Demand came from high quality Tier-1 accounts as well as Healthcare specialist investors who represented more than 75% of the book.
Bryan, Garnier & Co acted in both the US and European markets and managed the European Syndicate.
About Celyad
Celyad is a clinical-stage biopharmaceutical company focused on the development of specialized CAR-T cell based therapies. Celyad utilizes its expertise in cell engineering to target cancer. Celyad’s Natural Killer Receptor based T-Cell (NKR-T) platform has the potential to treat a broad range of solid and hematologic tumors. Its lead oncology candidate, CYAD-01 (CAR-T NKG2D), has been evaluated in a single dose escalation Phase 1 clinical trial to assess the safety and clinical activity of multiple administrations of autologous CYAD-01 cells in seven refractory cancers including five solid tumors (colorectal, ovarian, bladder, triple-negative breast and pancreatic cancers) and two hematological tumors (acute myeloid leukemia and multiple myeloma). Celyad was founded in 2007 and is based in Mont-Saint-Guibert, Belgium, and Boston, Massachusetts. Celyad’s ordinary shares are listed on the Euronext Brussels and Euronext Paris exchanges, and its American Depository Shares are listed on the NASDAQ Global Market, all under the ticker symbol CYAD.
About Bryan, Garnier & Co
Bryan, Garnier & Co is a European, full service growth-focused independent investment banking partnership founded in 1996. The firm provides equity research, sales and trading, private and public capital raising as well as M&A services to growth companies and their investors. It focuses on key growth sectors of the economy including Technology, Media & Telecoms, Healthcare, Smart Industries & Energy, Consumer, Brands & Retail and Business Services. Bryan, Garnier & Co is a fully registered broker dealer authorized and regulated by the FCA in Europe and the FINRA in the U.S. Bryan, Garnier & Co is headquartered in London, with additional offices in Paris, Munich, Zurich and New York. The firm is a member of the London Stock Exchange and Euronext.
Deal team
Olivier Garnier
Managing Partner
T: +33 1 56 68 75 29
Pierre Kiecolt-Wahl
Managing Director
T: +33 1 56 68 75 17
Dr. Anne Moore
Vice President
T: +33 1 56 68 75 39
Jean de Pracomtal
Vice President
T: +33 1 56 68 75 38
Pierre Sertour
Analyst
T: +33 1 56 68 75 76
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