German biotech Jerini plans an initial public offering of shares in the current quarter, it said in a statement on Monday, confirming an earlier Reuters report. Berlin-based Jerini said that all shares offered, including the greenshoe option, would come from a capital increase.
Credit Suisse First Boston and Deutsche Bank have been named joint bookrunners, with WestLB and Fortis Bank co-lead managers, Jerini said.
The funds from the IPO will be used to support the launch of Jerini's edema drug icatibant, it said.
A source familiar with the matter told Reuters on Sunday that Jerini was planning an IPO this month or next to raise 40 million to 60 million euros ($49 million to $73 million).
The source said the clinical trials of icatibant were already fully financed and that no further funds were needed. The company plans to file for marketing approvals for icatibant next year.
Icatibant is in Phase III trials, or the final phase of clinical testing before a drug is filed for approvals.
Hereditary angioedema is a genetic, potentially life-threatening disease characterised by unpredictable attacks of swelling in various parts of the body.
Analyst estimates for the size of the market for the drug range from 300 million to 1.2 billion euros.
Jerini, founded in 1994, currently earns revenues from its drug development technology and is involved in discovery and development agreements with Baxter and Alcon.
Since its founding, Jerini has raised 71 million euros in financing, mainly from venture capital partners including 3i, TVM and Health Cap.
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