Pharming Group

• Pharming Group successfully placed €100 million convertible bonds due 2029 with a coupon of 4.5%. The initial conversion price is set at €1.2271, representing a premium of 37.5% above the volume weighted average price from launch to pricing.
• The net proceeds of the new bonds have been used for the repurchase of the existing €125 million convertible bonds due 2025. The concurrent tender offer resulted in the repurchase of €123.1 million of the 2025 bonds, which represents 98.5% of the outstanding aggregate principal amount, for the remainder of the bonds Pharming has the option to exercise a clean-up call.
• Van Lanschot Kempen acted as Sole Financial Adviser to our repeat client Pharming, providing support in strategy, appointment of syndicate banks and execution of the new issue and tender process. 
• This transaction marks Van Lanschot Kempen’s 13th Life Sciences transaction in the last twelve months and underpins its broad expertise and experience in different products and advisory services, covering equity, structured equity, venture debt/EIB loans and convertible bonds. 

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:

• Financial Adviser in the SEK 107m Rights Issue by Alligator Bioscience
• Co-Manager in the USD 350 million Capital Increase by Autolus Therapeutics
• Financial Adviser to Galapagos in the EUR 170 million sale of its Jyseleca business to Alfasigma
• Sole Financial Adviser to Zealand Pharma in securing a EUR 90 million venture debt facility from the European Investment Bank
• Joint Global Coordinator & Joint Bookrunner in the SEK 59 million Capital Increase by Cantargia
• Joint Global Coordinator & Joint Lead Bookrunner in the NOK 505 million Capital Increase by Nykode Therapeutics
• Sole Financial Adviser in the SEK 120 million Structured Equity transaction by SynAct Pharma
• Lead Manager in the USD 173 million Capital Increase by Merus
• Lead Manager in the USD 1.3 billion Capital Increase by argenx
• Joint Bookrunner in the SEK 500m Capital Increase by Vicore Pharma
• Financial Adviser to NewAmsterdam Pharma in the USD 182 million secondary sell-down by existing investors
• Joint Global Coordinator & Joint Bookrunner in the EUR 25 million Capital Increase by Vivoryon Therapeutics
• Joint Global Coordinator & Joint Bookrunner in the EUR 16 million Capital Increase by Sequana Medical
• Lead Manager in the DKK 1.5 billion Capital Increase by Zealand Pharma
• Capital Markets Adviser & Placement Agent in the Merger between European Biotech Acquisition Corp. and Oculis SA and the connected USD 91 million PIPE