Bryan, Garnier & Co acts as Sole Bookrunner on ASIT biotech EUR12 million Convertible Bond Placement

Context

Founded in 1997 in Brussels, ASIT biotech is a clinical stage biopharmaceutical company focused on the development and future commercialization of effective immunotherapy drugs for the treatment of allergies through its ASIT+™ technology platform.

One billion people worldwide currently suffer from an allergy, and this could rise to over four billion patients who could be affected by 2050, offering huge market potential for this innovative company.

Currently testing products to help treat allergies against grass pollen (Phase III trial stage), the house dust mite and peanut allergies (respectively in Phase I and Phase II trials).

In order to continue research and development for new drugs as well as for corporate development, ASIT biotech required additional financing to fund an additional Phase III for its lead product in grass pollen and for its Phase I and Phase II trials for house dust mite allergy and for food allergies (peanut, cows milk…).

Transaction highlights

Bryan, Garnier & Co acted as Sole Bookrunner for this oversubscribed offering.

A total amount of €12 million in committed capital was subscribed during the offering by institutional and private investors.

The flexible convertible bond product allowed for immediate conversion into ordinary shares and/or differed investments, insuring a continuous financing of the company.

ASIT biotech stock was suspended during the bookbuilding process that started on July 10 post-market and ended on July 11 mid-afternoon.

Convertible bonds and/or new ordinary shares were issued at a 8% discount to the 1-Day VWAP of July 9th.

This transaction marks the third transaction in Convertible Bonds for Bryan, Garnier & Co in 2018 after Bone Therapeutics EUR 19.45 million and Canopy Growth CAD 600 million Convertible Bonds issue, respectively in March and June 2018.