Albireo Pharma Inc., of Boston, said it completed an underwritten public offering of approximately 1.9 million common shares priced at $21 apiece and that underwriters exercised in full their option to purchase 285,750 additional shares, for gross proceeds of approximately $46 million and net proceeds of about $42.9 million. Jefferies LLC was sole book-running manager and representative. On Feb. 4, the company’s shares (NASDAQ:ALBO) gained 3 cents to close at $22.79.
Arch Biopartners Inc., of Toronto, said it arranged a nonbrokered, unsecured convertible note financing for gross proceeds of CA$500,000 (US$376,928). The five-year note may be converted into common shares, which trade on the TSX Venture Exchange as ARCH, for CA89 cents in the 30-day period prior to maturity. Securities issued in connection with the offering are subject to a four-month statutory hold beginning on the transaction’s closing date, expected to be Feb. 5. Proceeds will be used primarily to fund remaining costs of the phase I trial for the dehydropeptidase-1 modulator Metablok, which targets treatment of organ injury in the lungs, liver and kidney caused by inflammation. No finder's fees were paid in connection with the offering. Arch also disclosed that a company director and officer recently exercised options to purchase 420,000 of the company’s common shares for proceeds of $176,000. On Feb. 4, ARCH.V shares closed at CA89 cents, up 1 cent.
Biontech SE, of Mainz, Germany, said it filed an F-1 registration statement with the SEC to offer 6 million American depositary shares (ADSs) representing its ordinary shares. The company plans to grant underwriters a 30-day option to purchase up to 900,000 additional ADSs. Biontech, which last month purchased neoantigen-based T-cell therapy specialist Neon Therapeutics Inc., of Cambridge, Mass., in an all-stock transaction, is developing patient-specific immunotherapies to treat cancer and other serious diseases. J.P. Morgan, Bofa Securities, Berenberg and SVB Leerink are joint bookrunners. The company’s ADSs (NASDAQ:BNTX) gained $2.65 on Feb. 4, closing at $32.92.
Black Diamond Therapeutics Inc., of Cambridge, Mass., said it closed its IPO of approximately 12.2 million common shares, including the full exercise by underwriters of their option to purchase up to approximately 1.6 million additional shares, at $19 apiece for gross proceeds of approximately $231.3 million. The precision oncology company, which is focused on small-molecule, tumor-agnostic therapies, plans to initiate a phase I/II program for lead candidate BDTX-189, designed to inhibit a family of oncogenic proteins defined by mutations that occur outside the adenosine triphosphate site. J.P. Morgan Securities LLC, Jefferies LLC and Cowen and Co. LLC acted as joint book-running managers, with Canaccord Genuity LLC as lead manager. The company’s shares (NASDAQ:BDTX) gained $1.30 on Feb. 4 to close at $39.30.
Integra Lifesciences Holdings Corp., of Princeton, N.J., said it amended and extended its credit facility of approximately $2.2 billion with a bank group led by Bank of America NA. Maturity of the credit facility, which consists of a $1.3 billion revolving line of credit and an $877.5 million term loan, was extended to Feb. 3, 2025. Integra also said it initiated a private offering of $500 million of five-year convertible senior notes and expects to grant the initial purchasers a 13-day option to purchase up to $75 million in additional notes, which will be senior, unsecured obligations, with interest payable semi-annually. The interest rate, conversion rate, offering price and other terms will be set when the notes are priced. Integra did not disclose specific use of proceeds. The company’s shares (NASDAQ:IART) closed Feb. 4 at $56.67 for a gain of $1.16.
Kali-Extracts Inc., of Dallas, signed a letter of intent for a $20 million investment to fund its cannabis biopharmaceutical technology. The first tranche of $5 million is expected within 90 days. The company is developing cannabinoid products for chronic obstructive pulmonary disease, type 2 diabetes, cancer pain management and epilepsy.
Laboratoires Juvise Pharmaceuticals SAS, of Villeurbanne, France, said it closed a €213 million (US$235.1 million) syndicated debt package with undisclosed relationship lenders and institutional investors following an oversubscribed early bird phase. The covenanted financing, comprising a €128 million term B loan alongside a €85 million term A loan, was designed to support the privately held company’s December 2019 acquisition of aromatase inhibitor Arimidex (anastrozole) and androgen receptor antagonist Casodex (bicalutamide) from Astrazeneca plc, of Cambridge, Mass., for $198 million. Société Générale and HSBC Holdings plc were physical bookrunners and mandated lead arrangers, with BNP Paribas SA as mandated lead arranger and Lazard as financial advisor.
Rockwell Medical Inc., of Wixom, Mich., said it priced an underwritten public offering of approximately 3.2 million common shares for gross proceeds of approximately $7.5 million. The company granted the underwriter a 30-day option to purchase up to 478,723 additional shares. Net proceeds will be used to commercialize dialysate and intravenous formulations of the iron deficiency anemia drug Triferic (soluble ferric pyrophosphate) and for other R&D and corporate purposes. Cantor Fitzgerald & Co. is sole bookrunner for the offering, expected to close by Feb. 6. The company’s shares (NASDAQ:RMTI) closed Feb. 4 at $2.36 for a loss of loss of 42 cents, or 15%.
Valneva SE, of Saint-Herblain, France, said it arranged an $85 million debt financing with funds managed by health care investment firms Deerfield Management Co. and Orbimed. The transaction includes an initial fixed-rate straight debt of $60 million at a high, single-digit interest rate and flexible terms that allow Valneva to draw down $25 million in additional capital upon similar terms in the next 12 months. Amortization payments begin in three years, and the loan will mature in six years. The company said proceeds will be used to repay an existing loan from the European Investment Bank and to advance the company’s Lyme disease and Chikungunya virus development programs. Valneva also said it plans, subject to shareholder approval, to list on Nasdaq to support potential co-funding of late-stage development of its phase II Lyme disease program, the outer surface protein A modulator VLA-15. Guggenheim Securities served as financial advisor and Dechert LLP as legal advisor for the transaction. On Feb. 4, the company’s shares (VLA.PA) closed at €3.40 (US$3.75) for a gain of €0.25.