- Transaction was launched on the back of positive topline results from the Phase 2 proof-of-concept trial of ARGX-113 in myasthenia gravis and an update on Phase 1/2 clinical trials of ARGX-110 in acute myeloid leukimia and cutaneous T-cell lymphoma, which triggered a share price increase of c.79% prior to transaction launch
- Placement of 4,440,000 American Depositary Shares (“ADSs”) for gross proceeds of c.USD 231 million, upsized by c.54% from the original deal size of USD 150 million on the back of strong investor demand generated during bookbuild resulting in a multiple times oversubscribed order book
- Issue price of USD 52.00 per ADS represented a limited 1.4% discount versus the last closing price
- Gross proceeds could grow to c.USD 266 million in case the over-allotment option is exercised in full
- Kempen is number 1 broker in the stock with a market share of 70% year-to-date. In the transaction, Kempen assisted argenx in the execution of its marketing strategy, with a specific focus on European investors
- Transaction proceeds are envisaged to be used to fund research and development efforts for argenx’ product candidates, to advance certain initial registration-readiness activities for ARGX-113, for other current and future research and development activities and to progress technology development and for working capital and other general corporate purposes