March 2025
Co-Placement Agent
(up to) USD 307 million
PIPE (Equity & Warrants)
DBV Technologies
Co-Placement Agent
Van Lanschot Kempen acted as Co-Placement Agent in the up to USD 307 million financing for DBV Technologies
Transaction highlights
- DBV Technologies SA (“DBV”), a company focused on developing a peanut allergy patch for kids and listed on Euronext Paris and Nasdaq, secured up to USD 306.9 million (€284.5 million) in financing against a challenging market backdrop
- The financing comprises of equity and warrants (175% coverage), securing USD 125.5 million (€116.3 million) upfront and up to USD 181.4 million (€168.2 million) subject to the full exercise of warrants
- Full net proceeds could extend DBV’s financial visibility into 2028 and through potential commercialization of its VIASKIN® peanut patch in the US, pending approval
- The transaction came on the heels of news announcing alignment with the FDA on a supplemental safety study, accelerating a potential launch of DBV’s VIASKIN® peanut patch by ~1 year
- Despite market headwinds, the financing round received strong support from US and international investors, including MPM BioImpact, Adage, Janus Henderson, Vivo, Octagon, Surveyor, Bpifrance, Yiheng, and several large healthcare funds
- Van Lanschot Kempen was one of only two banks helping DBV secure this massive financing package whilst it was running out of cash runway
- Significant investor interest was created ahead of the deal through multiple NDRs, KOL calls and tailored efforts by our specialist Equities team
- The investor interest was ultimately converted into sizeable tickets on both sides of the Atlantic through a structured market sounding exercise
- Van Lanschot Kempen is proud to have assisted DBV in multiple funding rounds over the last fifteen years, bringing it from an early-stage company all the way through to potential commercialisation
Company description
DBV Technologies is a clinical-stage biopharmaceutical company focused on developing treatments for food allergies and other immunologic conditions with significant unmet medical need. DBV’s proprietary Viaskin platform uses epicutaneous immunotherapy (EPIT™) to introduce microgram amounts of active compounds through the skin, aiming to desensitize the immune system to allergens. The company is conducting clinical trials for Viaskin Peanut in peanut-allergic toddlers (1 through 3 years of age) and children (4 through 7 years of age). DBV Technologies is headquartered in Châtillon, France, with North American operations in Warren, NJ. The Company’s ordinary shares are traded on segment B of Euronext Paris (DBV, ISIN code: FR0010417345) and the Company’s ADSs (each representing five ordinary shares) are traded on the Nasdaq Capital Market (DBVT – CUSIP: 23306J309).
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:
- Placement Agent in MaaT Pharma’s €13 million capital increase
- Sole Financial Adviser in Pharming’s SEK 725 million public takeover of Abliva
- Sole Financial Adviser in GENFIT’s royalty financing up to €185 million
- Sole Financial Adviser in IO Biotech’s c. €58 million loan facility from the European Investment Bank
- Financial Adviser in the USD 479 million US Public Offering by NewAmsterdam Pharma
- Sole Financial Adviser to SNIPR Biome in securing a €20 million venture debt facility from the European Investment Bank
- Lead Manager in the USD 1 billion Capital Increase by Zealand Pharma
- Lead Manager in the USD 460 million Capital Increase by Merus
- Sole Financial Adviser in Pharming’s refinancing of its convertible bonds
- Financial Adviser in the SEK 107 million Rights Issue by Alligator Bioscience