Bryan Garnier & Co acts as Sole Global Coordinator for Biom'Up's landmark Euronext IPO, raising up to €44 million including greenshoe
Context
Biom’Up : recognized expertise in the field of collagen.
HEMOBLAST: best-in-class active dry powder used to rapidly halt bleeding during surgery (hemostasis).
PMA filed with FDA in June 2017 (approval expected mid-2018) and CE marked.
Leadership team with a track record of execution in Europe and the US.
Backed by leading European life science investors: BPI, Gimv & Lundbeck.
Strategy focused on capturing 15% of the US & EU markets ($1.2bn) within 5 years.
Use of proceeds include the scale-up of US and EU commercial infrastructure, new studies to expand use of Hemoblast and general corporate purposes.
Transaction highlights
Bryan, Garnier & Co acted as Sole Global Coordinator as well as Joint Lead Manager and Joint Bookrunner.
Re-opening the Euronext healthcare IPO market - first successful IPO on Euronext in the last 6 months.
€38.1m in gross proceeds raised, increasing to €43.9m upon exercise of the greenshoe.
IPO anchored by tier-1 leading international healthcare investors and fully covered mid-way through the book building period.
Strong final over-subscription levels enabling full base deal extension option exercise and pricing at the mid-point of the offer price range, €10.50 per share (only mid-cap French biopharma IPO to achieve mid-point pricing since July 2015).
High quality, geographically diverse institutional demand balanced across France, RoE, the UK and the US.
IPO order book concentrated amongst top tier, long only investors with an attractive mix of generalists and healthcare specialists.
Successful Biom'Up IPO follows on Bryan, Garnier's Symetis IPO and Trade Sale (March 2017), confirming Bryan, Garnier's leadership across the sector in Europe.
Market cap based on IPO price : €113.4m.
About Biom'Up
Headquartered in France, Biom’Up designs hemostatic products based on patented biopolymers that aim to simplify surgical procedures in numerous specialties (spine, cardiothoracic, general, orthopedic, plastic). Its flagship product, HEMOBLAST™ Bellows, is a unique hemostatic solution, ready to use and is usable once or several times during the surgery. Developed by a world-renowned scientific team, HEMOBLAST™ Bellows has obtained positive results for all the primary and secondary endpoints of Phase III of its pivotal study involving 412 patients in the United States. A PMA (Pre-Market Approval) application for HEMOBLAST™ Bellows was submitted to the FDA (Food & Drug Administration) in July 2017 with a view to obtaining marketing approval in the United States in mid-2018. Since its creation, Biom’Up has benefited from the support of prominent European investors such as Bpifrance, Innobio, GIMV, Lundbeckfond, Mérieux Participation, SHAM and ACG.
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 and New York. The firm is a member of the London Stock Exchange and Euronext.
Deal team
Hervé Ronin
Partner
T: +33 1 70 36 57 22
Pierre Kiecolt-Wahl
Managing Director
T:+33 1 56 68 75 17
Anne Moore
Vice President
T: +33 1 56 68 75 39
Jean Pracomtal
Associate
T: +33 1 56 68 75 38
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