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Dec 2022
vicore pharma
Joint Bookrunner
SEK 200 million
Accelerated Bookbuild Offering

Vicore Pharma

Joint Bookrunner

Van Lanschot Kempen acted as Joint Bookrunner in the SEK 200m capital increase by Vicore Pharma 

Transaction highlights

  • Capital increase via accelerated bookbuild offering of 10,000,000 new shares, generating gross proceeds of SEK 200m (c. EUR 18.3m) for Vicore Pharma
  • The transaction was launched following a market sounding exercise, which resulted in visibility on indications of interest in excess of the total deal size prior to launch
  • In addition, ahead of launch, Vicore’s largest shareholder HealthCap (22.0%) expressed its intention to participate in the transaction with up to SEK 40 million
  • The order book was covered within 30 minutes post launch and the final order book consisted of more than 50 lines from both existing shareholders and new investors, with the majority of shares allocated to long-only investors
  • The shares were placed at SEK 20.00 per share, representing a discount of 8.7% vis-à-vis the closing price prior to the transaction announcement 
  • Vicore pharma intends to use the proceeds to: (i) finance the preparations of a Phase 2b trial in idiopathic pulmonary fibrosis (IPF); (ii) prepare the commercial launch of the AlmeeTM, a digital therapeutic (DTx) for patients with pulmonary fibrosis; (iii) accelerate the development of its ATRAG platform and advance its preclinical pipeline; and (iv) finance general corporate purposes and extend the cash runway to Q4 2024
  • This transaction marks Van Lanschot Kempen’s seventh ECM transaction for a Nordic company in the last six months, underpinning the ability of Van Lanschot Kempen to support companies in the Nordics across sectors 

Company description

Vicore Pharma is a clinical-stage biotechnology company focussed on developing innovative medicines in severe diseases involving the Angiotensin II type 2 receptor. The company currently has four development programs, VP01, VP02, VP03 and VP04. VP01 aims to develop the substance C21 for the treatment of idiopathic pulmonary fibrosis (IPF) and pulmonary artery hypertension (PAH). VP02 is a new formulation and delivery route of thalidomide and focusses on the underlying disease and the severe cough associated with IPF. VP03 includes the development of new AT2 receptor agonists. VP04 focusses on a clinically validated digital therapeutic (AlmeeTM ) for pulmonary fibrosis patients.

Background Van Lanschot Kempen Life Sciences & Healthcare

In the last twelve months, Van Lanschot Kempen has successfully completed a large number of transactions in its Life Sciences & Healthcare franchise. Recent transactions include:

  • Joint Global Bookrunner in the SEK 148 million Fully Guaranteed Rights Issue by Biovica
  • Sole Financial Adviser to GenSight Biologics in securing a €35.0 million credit facility from the European Investment Bank (EIB)
  • Joint Global Coordinator & Joint Bookrunner in the SEK 170 million Accelerated Bookbuild offering of Xbrane Biopharma
  • Co-Lead Manager in the DKK 786 million Capital Increase by Zealand Pharma
  • Financial Advisor in the sale of Sanquin Reagents by Sanquin Health Solutions to Gilde Healthcare
  • Financial Advisor in the up to SEK 250 million (convertible) debt financing by Mendus
  • Joint Global Coordinator in the SEK 299 million Directed Share Issue by BioInvent
  • Sole Global Coordinator in the SEK 200 million financing consisting of a SEK 150m PIPE and a SEK 50m Fully Guaranteed Rights Issue by Abliva
  • Joint Global Coordinator & Joint Bookrunner in the SEK 150 million Fully Guaranteed Rights Issue by SynAct Pharma
  • Financial adviser in the spin-out and capital increase of InnoSIGN 
  • Co-Manager in the USD 806 million Capital Increase by argenx
  • Sole Block Placing Agent in the placement of 1.4 and 1.3 million Molecular Partners shares
  • Joint Bookrunner in the USD 127 million Nasdaq IPO of Forbion European Acquisition Corp

Curious to know more?

Nadine Maalouf Van Lanschot Kempen

Nadine Maalouf

Managing Director
Life Sciences and Healthcare

Mail Nadine Maalouf

Birgit Brekelmans Van Lanschot Kempen

Birgit Brekelmans

Executive Director
Equity Capital Markets

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