Basilea Pharmaceutica Ltd., of Basel, Switzerland, plans to repurchase at least CHF90 million (US$95 million) and up to CHF110 million of its outstanding convertible bonds due 2022 for 100.5% of par value plus accrued and unpaid interest. The tender offer period is scheduled for July 10 to July 16, with settlement to occur on July 28. Basilea plans to use the proceeds from CHF125 million of recently issued senior unsecured convertible bonds due 2027 to pay for the repurchased bonds.
Erytech Pharma SA, of Lyon, France, said Alpha Blue Ocean and European High Growth Opportunities Securitization Fund have committed to purchase up to a maximum of €60 million (US$67 million) of zero-coupon convertible notes with share warrants attached.
Fennec Pharmaceuticals Inc., of Research Triangle Park, N.C., increased its senior debt facility with the Life Sciences Group at Bridge Bank from $12.5 million to $18 million. Loan A of $12.5 million will be funded after FDA approval of Pedmark (sodium thiosulfate) for the prevention of platinum-induced ototoxicity in pediatric patients. Loan B of $5.5 million will be funded after the company generates revenue in 2021. The interest-only period for the facility will be extended from 18 months to 24 months from the start of loan A if loan B is funded and other conditions are met. Fennec plans to use the capital to fund commercialization activities for Pedmark.
Hyloris Pharmaceuticals SA, of Liege, Belgium, said it raised about €61.81 million (US$65.2 million) in an IPO on the Euronext Brussels exchange, where its shares were admitted to trading under the ticker HYL. The final offer price was set at €10.75 per share, giving the company an initial market capitalization of about €253.18 million, or about €262.45 million assuming the exercise in full of the overallotment option. The company focuses on reformulating well-known pharmaceuticals.
Jellagen Pty Ltd., of Cardiff, Wales, a company developing collagen biomaterials from marine sources, said it closed a £1.9 million (US$2.4 million) seed equity round to pursue development of products for therapeutic and medical device applications. Jellagen said the round, which was 75% funded by international investors, will enable it to develop and partner pipeline products aimed at tissue reconstruction, diabetic wound care management and rare skin applications.
Leap Therapeutics Inc., of Cambridge, Mass., closed its previously announced public offering, which included the sale of an additional 3.375 million shares as part of the underwriters' option to purchase additional shares. The company grossed approximately $51.75 million from the offering. Piper Sandler & Co. and Raymond James & Associates, Inc. acted as book-running managers for the offering. Robert W. Baird & Co. Inc. acted as the lead manager. H.C. Wainwright & Co. and Ladenburg Thalmann & Co. Inc. acted as co-managers.
Portage Biotech Inc., of Toronto, had additional subscriptions to its private placement. The company sold a total of 698,145 shares at $10 each, raising $6.98 million before subtracting the $193,000 finder's fee.
Tela Bio Inc., of Malvern, Pa., priced its public offering of 3 million shares at $16 per share, grossing the company $48 million. The underwriters have a 30-day option to purchase up to 450,000 additional shares. Jefferies LLC and Piper Sandler & Co. are acting as joint book-running managers for the offering. Canaccord Genuity LLC is acting as lead manager and JMP Securities LLC is acting as co-manager of the offering, which is scheduled to close on June 30. Shares of Tela (NASDAQ:TELA) closed down $4.52, or 24.7%, to $13.75 on June 26.
Translate Bio Inc., of Lexington, Mass., said it priced an underwritten public offering of 12.5 million shares at $22 each. In the transaction, the company will issue and sell 5.68 million shares and an existing stockholder, Shire Human Genetic Therapies Inc. (Shire), a subsidiary of Osaka, Japan-based Takeda Pharmaceutical Co. Ltd., will sell 6.82 million shares. The company expects the gross proceeds to be approximately $125 million, and it will not receive any proceeds from the sale of the shares by Shire. The underwriters have been granted a 30-day option to purchase up to 1.87 million additional shares at the public offering price. The company’s shares (NASDAQ:TBIO) closed Friday at $19.48, down $5.19, or 21%.
Xeris Pharmaceuticals Inc., of Chicago, said it completed the pricing of concurrent underwritten public offerings of 7.4 million shares at $2.72 each for gross proceeds of approximately $20.1 million, and $75 million aggregate principal amount of 5% convertible senior notes due 2025. The underwriters in the public offering have been granted a 30-day option to purchase up to an additional 1.11 million shares and the underwriters of the offering of the notes have received a 30-day option to purchase up to $11.25 million of additional notes. The company intends to use the net proceeds from the offerings to fund sales and marketing costs to support commercialization of Gvoke, its first commercial product, a ready-to-use glucagon injection; to repay $20 million of the borrowings under its senior secured loan facility; to repay $4.2 million of borrowings under, and terminate, its Paycheck Protection Program loan; to fund research and development activities relating to the advancement of its product candidates; for expansion of its technology or manufacturing infrastructure and capabilities; for potential strategic acquisitions of complementary businesses, assets, services or technologies; and the remainder for working capital, capital expenditures and other general corporate purposes. The company’s shares (NASDAQ:XERS) closed Friday at $2.51, down 21 cents, or 7.7%.