Genmab raises $582m in Europe’s largest ever Nasdaq IPO – Denmark’s Genmab has raised a gross total of $582m from its US IPO, the largest sum ever by a European biotech. Genmab, which is already listed on Nasdaq Copenhagen, sold 32.78m ADSs – each of which represents one-tenth of a share – at $17.75/ADS, only a 3% discount on the prior closing price. Genmab remains Europe’s largest independent biotech and was, until now, one of the notable hold outs against the trend of its compatriot companies listing in the US market.
Genmab, which now has a market cap of c $11.7bn, reached its current position based on two approved products: Arzerra, sold by Novartis, and more particularly Darzalex, sold by Johnson & Johnson. J&J yesterday reported that worldwide net sales of Darzalex were $774m in the second quarter, compared to $511m, a rise of 51%.
Genmab intends to use the funds to evolve into one capable of developing and commericalising its own products and has set itself the target of launching its first internally-developed product by 2025. It has at least five candidates in development, including the antibody-drug conjugate tisotumab vedotin, which is being co-developed with Seattle Genetics. There are three fully owned assets in the group: the ADC, enapotamab vedotin, an antibody HexaBody-DR5/DR5, and a bispecific antibody, DuoBody-CD3xCD20. A bispecific antibody, DuoBody-PD-L1x4-1BB, is split with Germany’s BioNTech.
The company has several important data readouts coming up including the outcome of the Novartis-run Phase III study of Arzerra in multiple sclerosis (due in Q4).
This story has been updated to include ADS sold in the over-allotment (greenshoe).