French biotechnology company Immuno-Designed Molecules detail plans this week to float its shares via an initial public offer, the company said on Wednesday, joining a string of companies seeking to list.
IPOs in Europe's healthcare sector have started to take off this year, including that of Germany's Paion AG and with French biotech companies Ipsen and BioMerieux mulling listings that should help pay for research and development.
IDM's President and Chief Executive Jean-Loup Romet-Lemonne, who founded the firm, and Chief Financial Officer Herve Duchesne de Lamotte will elaborate on its IPO plan at a news conference next Wednesday, IDM said in a statement.
UBS is the lead manager of the IPO, Oddo Securites is co-lead manager while Fortis is underwriting, it said. No further details were available and no one at IDM was available for comment.
IDM's most advanced drug Mepact treats osteosarcoma or bone tumours and has completed a Phase III clinical trial. The company, which specialises in the development of cancer treatments said it has five other products in clinical trials and five in preclinical development.
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