Biotalys sets the listing price on Euronext Brussels
BRUSSELS, June 23 (Reuters) – Belgian Biotalys will raise up to 71.2 million euros ($ 79.8 million) in its listing on Euronext Brussels next week, the maker of biological alternatives to chemical pesticides announced on Wednesday.
The agro-tech company said it has set a price range of 7.50 to 8.50 euros and plans to sell up to 6.333 million new shares, with a potential 15% increase subject to demand and an option to additional 15% over-allocation.
The sale will then range from 47.5 million euros to a maximum of 71.2 million euros, if all the additional shares are subscribed. The offer period will end no later than June 30 for retail investors and July 1 for institutions, with a listing on or around July 2.
Founded in 2013, Biotalys is a spin-off of the Flemish Institute of Biotechnology and the agricultural counterpart of the Belgian biopharmaceutical company Ablynx, which Sanofi SASY.PA purchased in 2018 for 3.9 billion euros (4.7 billion dollars).
Both use llama antibodies, which are smaller and easier to manipulate than their human counterparts. Biotalys extracts proteins for use against fungi, bacteria and insects that attack crops, especially high-value fruits like grapes and strawberries.
Biotalys expects to obtain regulatory approval from the United States in mid-2022 for its first product, Evoca, and plans a launch in 2024 in the European Union, which aims to reduce the use of chemical pesticides by 50% of by 2030.
Biotalys said investors such as GIMV and Sofinnova Partners will participate in the IPO, the proceeds of which will go to research and business development. New investors BNP Paribas and the Belgian public fund SFPI-FPIM have also committed up to 10 million euros.
Joh. Berenberg, Gossler & Co and KBC Securities are joint global coordinators and joint bookkeepers, with Belfius Bank as joint bookrunner and Oppenheimer as lead US bookrunner.
($ 1 = 0.8392 euros)
The Belgian agro-tech company Biotalys plans to join
(Reporting by Philip Blenkinsop; Editing by Muralikumar Anantharaman)
(([email protected]; +32 2 585 2869; Reuters messaging: @reutersPhilB))
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