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Jun 2020
Joint Global Coordinator
SEK 487 million
Private Placement


Joint Global Coordinator

Kempen & Co is pleased to announce that it acted as Joint Global Coordinator in BioInvent’s Capital Increase of SEK 487 million

Transaction highlights

  • Private Placement of 352,710,138 shares, 70.3% of BioInvent’s outstanding share count, issued in two tranches, at a price of SEK 1.38 per share and resulting in total gross proceeds of SEK 487 million
  • Pricing was based on the 10-day VWAP prior to and including 8 June 2020 and represents a premium of 3.8% to the closing price of 8 June 2020
  • The proceeds will be used to progress, amongst others, the clinical development of Bioinvent’s innovative pipeline, more specifically BI-1206 for non-Hodgkin lymphoma and solid cancers which is currently in Phase I/II
  • The transaction was executed based on strong support from existing shareholders Van Herk Investments, Omega Funds, AP4, and Handelsbanken Healthcare Fund
  • Following a limited market sounding exercise, new long-term specialist investors such as HBM Healthcare Investments, Swedbank Robur Medica, and Invus joined the transaction
  • In addition to their capital investment, HBM has the ability to nominate a new member to the Board of  Directors of the Company
  • Kempen & Co leveraged its investor network spanning both Europe and the United States to assist the Company with extensive investor engagement throughout 2020
  • This deal marks Kempen & Co’s sixth transaction in the Nordics region over the past 18 months, where we maintain a strong ambition to work with innovative companies

Company description

BioInvent is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of haematological cancer and solid tumours, respectively. Two preclinical programs in solid tumours are expected to have entered clinical trials by the end of 2020. The Company’s validated, proprietary F.I.R.S.T.™ technology platform simultaneously identifies both targets and the antibodies that bind to them, generating many promising new drug candidates to fuel the Company’s own clinical development pipeline or for additional licensing and partnering.

Background Kempen & Co Life Sciences & Healthcare

Over the past year, Kempen & Co has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include: Joint Global Coordinator and Joint Bookrunner in the c. SEK 400 million Capital Increase by Immunovia, Co-Manager in the USD 862 million Global Offering by argenx, Joint Bookrunner in the SEK 1,414 million Capital Increase by Oncopeptides, Co-Manager in the USD 154 million Global Offering of DBV Therapeutics, Joint Global Coordinator and Joint Bookrunner in the €19.0 million Capital Increase by Sequana Medical, Lead Manager in the USD 557 million Global Offering by argenx, Co-Manager in the USD 79.2 million US Public Offering by Merus, Co-Manager in the USD 57.5 million Capital Increase by ProQR, Co-Manager in the USD 150 million Nasdaq IPO of BioNTech, Sole Bookrunner in the €9.0 million Capital Increase by MDxHealth, Co-Manager in the USD 20 million Global Offering of Celyad, Co-Manager in the USD 582 million NASDAQ IPO of Genmab, Joint Bookrunner in the €116 million Secondary Sale of Fagron shares by Waterland and Baltisse, Joint Bookrunner in the €48.7 million Rights Issue by Transgene and Joint Bookrunner in the SEK 727 million Capital Increase by Oncopeptides.

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