Addex Pharmaceuticals Ltd., a Geneva, Switzerland-based drug company focused on CNS disorders, priced its IPO shares at 73 sfr each, near the top end of the price range of 58-75 sfr it gave early this month.
This will give the Geneva-based group, which will be listing on the Swiss stock exchange tomorrow, a market capitalization of 428 million sfr ($348 million).
The initial share sale was over four times oversubcribed . It is expected to generate proceeds of 137 mln sfr ($111 million) for Addex, excluding the 15% overallotment option.
“This capital increase allows us to pursue our expansion strategy and continue building a sustainable pharmaceutical business around our allosteric modulator platform,” said chief finance officer and co-founder Tim Dyer.
Addex had raised around $148 million in venture capital funding from firms like Index Ventures, TVM Capital, Bio*One Capital, Roche Venture Fund, PolyTechnos Venture Partners, S.R. One, Sofinnova Partners, Initiative Capital and Vinci Capital.