Hyloris Pharmaceuticals Raises approximately €61.81 million in Successful Initial Public Offering

Hyloris Pharmaceuticals said Friday in the press release it expects gross proceeds for from the Offering amounted to approximately €61.81 million, or approximately €71.08 million, assuming the exercise in full of the Over-allotment Option.

The company has said that the final offer price for the Offering has been set at EUR 10.75 per share, giving the Company an initial market capitalization of approximately €253.18 million, or approximately EUR 262.45 million, assuming the exercise in full of the Over-allotment Option (defined below).

The orderbook has been built with strong support from high-quality long-term specialist and Belgian retail investors, as well as interest from a mix of institutional investors across continental Europe, the UK and the US.

Stijn Van Rompay, Chief Executive Officer and co-founder of Hyloris Pharmaceuticals, said the staff is delighted to have successfully completed our IPO, an important step for the company, seeking to bring to the market reformulated drugs with added value to the healthcare system as quickly as possible. “This significant raise will support Hyloris’ strategy and will be used for the development of our existing portfolio of product candidates, the establishment of a commercial team in the United States for our IV Cardiovascular portfolio, to fund the expansion of the pipeline both internally and through business development opportunities, as well as for general corporate purposes. I’m pleased and proud that we have been able to secure investment from high-quality institutions within the EEA and the US as well as broad support from retail investors across Belgium,” Van Rompay said.

 Results of the Offering

  • The final offer price for the Offering is set at EUR 10.75 per share (the “Offer Price”).
  • The offering period of the Offering ended on 25 June 2020 at 16:00 (CEST) for retail investors and on 26 June 2020 at 13:00 (CEST) for institutional investors.
  • The Company has decided to increase the number of the 5,000,000 initially offered new shares by 15% (i.e., with 750,000 additional new shares). The total number of shares subscribed for in the Offering amounts to 5,750,000 new shares of the Company (the “New Shares”, and each existing share and New Share representing the Company’s share capital a “Share”).
  • In order to facilitate stabilization by the Stabilization Manager (see below), the Stabilization Manager over-allotted 862,500 Shares in the Offering (the “Additional Shares”, together with the New Shares, the “Offered Shares”).
  • In order to cover the aforementioned over-allotments or short positions, if any, resulting from the over-allotment, an over-allotment option to subscribe for 862,500 additional new Shares at the Offer Price has been granted to (and is expected, on the Closing Date (as defined below), to be subscribed for by) KBC Securities, as stabilization manager (the “Stabilization Manager”), acting on behalf of KBC Securities and Kempen & Co (the “Over-allotment Option”). The Over-allotment Option will be exercisable for a period of 30 calendar days following the Listing Date (as defined below) (the “Stabilization Period”). The Company will announce if and when the Over-allotment Option is exercised.
  • The Stabilization Manager may engage in stabilization transactions aimed at supporting the market price of the Shares during the Stabilization Period. These transactions may stabilize, maintain or otherwise affect the price of the Shares or any options, warrants or rights with respect to, or other interest in, the Shares or other securities of the Company during the Stabilization Period. These activities may support the market price of the Shares at a level higher than that which might otherwise prevail. Stabilization will not be executed above the Offer Price. Such transactions may be effected, on the regulated market of Euronext Brussels, in the over-the-counter markets or otherwise. The Stabilization Manager and its agents are not required to engage in any of these activities and, as such, there is no assurance that these activities will be undertaken. If undertaken, the Stabilization Manager or its agents may discontinue any of these activities at any time and they must terminate at the end of the Stabilization Period.
  • The gross proceeds of the Offering for the Company amount to approximately EUR 61.81 million, or approximately EUR 71.08 million, assuming the exercise in full of the Over-allotment Option. The implied market capitalization of Hyloris Pharmaceuticals is approximately EUR 253.18 million, or approximately EUR 262.45 million, assuming the exercise in full of the Over-allotment Option.
  • Given the strong local support from retail investors, the Company has decided to allocate more of the Offered Shares to retail investors than the legal minimum of 10%. 1,217,473 Shares, representing approximately 18.4% of the Offered Shares in the Offering, have been placed with retail investors in Belgium. The allocation table applicable for Shares applied for by retail investors can be found below.
  • Trading of Hyloris Pharmaceutical’s Shares on the regulated market of Euronext Brussels under the symbol “HYL” is expected to commence, on an “if-and-when-issued-and/or-delivered” basis, on or about 29 June 2020 (the “Listing Date”). Payment and delivery of the Offered Shares will occur on 30 June 2020 (the “Closing Date”), subject to the successful closing of the Offering.
  • The investors (including members of the Board of Directors and the Executive Management of the Company) (the “Participating Investors”) that committed to, irrevocably and conditional only on completion of the Offering, subscribe for New Shares in the Offering for a total aggregate amount of EUR 22,725,000 (the “Pre-commitments”), have each been allocated 100% of their individual Pre-commitments in the form of New Shares. In the aggregate, 2,113,937 New Shares were thus allocated to the Participating Investors in the Offering on the basis of their Pre-commitments.
  • KBC Securities and Kempen & Co acted as Joint Global Coordinators and Joint Bookrunners in the Offering.
  • The Company has agreed to a standstill of 360 days, subject to customary exceptions and conditions.

The Shares applied for by retail investors will be allotted according to the allocation table below.

Number of shares applied for Requests submitted with the syndicate Requests submitted with other financial intermediaries
% of allocated Shares
1-500 85% 60%
501-1,000 85% 60%
1,001-2,500 80% 55%
2,501-5,000 80% 55%
5,001-10,000 75% 50%
>10,000 70% 45%

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