Genmab finally sets sights on Nasdaq
Denmark’s Genmab, which has the distinction of being Europe’s largest biotech by market cap (DKK71.9bn/$10.7bn) and has filed with the US SEC to raise $500m through a US IPO of American depositary shares (ADS) on Nasdaq. The move is notable both for the proposed offering’s size as well as the fact that Genmab has been the longest hold out amid an exodus of Europe’s most promising biotechs towards the US exchange (the company is currently listed on Nasdaq Copenhangen).
Assuming the IPO is undertaken, Genmab will be joining a group that includes Galapagos, Morphosys, Argenx, Cellectis, DBV Technologies, Celyad and Erytech that all have dual US-European bourse listings. Some emigrant companies have later dropped their Euriopean stock exhcange listing, as was the case GW Pharamceuticals, which also relocated its headquarters from UK to the US, while other companies such as Adaptimmune and more recently Bicycle Therapeutics and Y-mabs have directed listed on Nasdaq in their debut on the stock exchange. The move to the US opens the companies to the world’s largest pool of investors that have experience in biotech as well as others that have restrictions on their ability to invest in non-US listed stocks.
Genmab has reached its currenty position based on two approved products: Arzerra, sold by Novartis, and Darzalex, sold by Johnson & Johnson. However, the company intends to use the funds to evolve into one capable of developing and commericalising its own products. The company was – until recently – a top 10 holding of the UK’s International Biotechnology Trust (IBT)