Medincell IPO to Raise Up to EUR32.5 Million
04 Ottobre 2018 - 8:38AM
Dow Jones News
By Cristina Roca
Medincell (MEDCL.FR) said late Wednesday that it expected to
raise 30 million euros ($34.6 million) after the success of its
initial public offering, noting that the sum could increase to
EUR32.5 million if the over-allotment option is fully
exercised.
The IPO will bring Medincell's market capitalization to about
EUR144.1 million, said Medincell.
The French pharmaceutical company, which develops long-acting
injectable treatments, said it would mostly use the capital raised
to boost the development of its product portfolio. The company also
said it would invest in developing its technology platform.
Medincell said the IPO price was set at EUR7.25 per share, which
sits at the lower end of the EUR7.25-EUR9.25 indicative price range
it gave last month.
The company said Teva Pharmaceutical Industries Ltd. (TEVA.TV)
acquired 20% of the shares on offer--amounting to a 4.2% stake in
Medincell--by offsetting debt.
Medincell said it will start trading on the Euronext Paris
exchange on Oct. 8.
Write to Cristina Roca at cristina.roca@dowjones.com;
@_cristinaroca
(END) Dow Jones Newswires
October 04, 2018 02:23 ET (06:23 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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