EBAC and Oculis SA

Financial Advisor, Capital Markets Advisor & Placement Agent

Van Lanschot Kempen acted as Financial Advisor, Capital Markets Advisor & Placement Agent in the merger between European Biotech Acquisition Corp. and Oculis SA and the connected PIPE

Transaction highlights

After entering into a definitive business combination agreement on 17 October 2022, European Biotech Acquisition Corp. (“EBAC”), a special purpose acquisition company (“SPAC”), announced on 3 March 2023 the closing of the merger with Switzerland-headquartered Oculis SA (“Oculis”), a global biopharmaceutical company purposefully driven to save sight and improve eye care
At closing, the combined company had a pro-forma enterprise value of c. USD 220m and a cash balance exceeding USD 117m
Total gross proceeds from the transaction to Oculis amounted to c. USD 104m, which included an upsized PIPE and private investment financing of c. USD 91m, anchored by LSP 7, with the participation of leading institutional investors, including funds managed by Earlybird, Novartis Venture Fund, Tekla Capital Management, Pivotal Life Sciences, and VI Partners
Proceeds from this transaction will be primarily used to advance clinical-stage pipeline of multiple product candidates in key areas of medical needs in ophthalmology such as Diabetic Macular Edema (DME), Dry Eye Disease (DED), and neuro-ophtha diseases
This transaction follows our previous involvement in EBAC’s successful $127m Nasdaq IPO in March 2021

Company description

About EBAC
EBAC was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. EBAC’s aim was primarily to identify a company within the European life sciences industry, whose high potential assets would benefit from the capital and management support, thereby unlocking value and enabling clinical development strategy.

LSP, one of Europe’s largest and most experienced healthcare investment firms with a track record that goes back more than 30 years, was the Sponsor of the SPAC.

About Oculis
Oculis is a global biopharmaceutical company (NASDAQ: OCS) purposefully driven to save sight and improve eye care. Oculis’ highly differentiated pipeline comprises multiple innovative product candidates in development. It includes OCS-01, a topical retinal candidate for diabetic macular edema (DME); OCS-02, a topical biologic candidate for dry eye disease (DED); and OCS-05, a disease modifying candidate for neuro-ophtha disorders such as glaucoma, diabetic retinopathy, geographic atrophy, and neurotrophic keratitis. Headquartered in Switzerland and with operations in the US, Europe, and China, Oculis’ goal is to deliver life-changing treatments to patients worldwide. The company is led by an experienced management team with a successful track record and is supported by leading international healthcare investors.

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:

Lead Manager in the USD 250 million US Public Offering by CureVac
Sole Financial Adviser to GenSight Biologics in securing a €12.0 million credit facility from Heights Capital Management
Joint Global Coordinator and Joint Bookrunner in the SEK 416 million Capital Increase by Hansa Biopharma
Sole Financial Adviser in SynAct Pharma’s acquisition of TXP Pharma and Joint Global Coordinator & Joint Bookrunner in SynAct Pharma’s SEK 80m PIPE
Joint Bookrunner in the SEK 200 million Accelerated Bookbuild Offering by Vicore Pharma
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