Arix Bioscience raises £100m in IPO

On Feb 20, 2017

Global healthcare and life science company Arix Bioscience has raised £100m in its Initial Public Offering (IPO) on the main market of the London Stock Exchange.

The Offer was oversubscribed and comprises 48,309,179 New Ordinary Shares to be issued by the Company (prior to any exercise of the Over-Allotment Option)
Total gross proceeds raised by the Company are expected to be £100m (prior to any exercise of the Over-Allotment Option)
Based on the Offer Price, Arix Bioscience’s total market capitalisation at Admission will be £187m
Investments have been made by a broad range of investors including Woodford Investment Management (acting on behalf of its fund clients), and pharmaceutical companies UCB S.A. and Takeda Pharmaceuticals (working through its ventures group, Takeda Ventures, Inc.)
Conditional dealings in the Ordinary Shares will commence on the London Stock Exchange at 8.00am today under the ticker “ARIX” (ISIN: GB00BD045071)
Admission to the standard listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings are expected to take place at 8.00am on 22 February 2017
As stabilising manager, Jefferies International Limited (“Jefferies”) has been granted an Over-Allotment Option, exercisable no later than thirty days from today, by the Company over up to a maximum of 7,246,376 Ordinary Shares, representing 15 per cent. of the New Ordinary Shares in the Offer
Jefferies is acting as sole global coordinator and bookrunner in relation to the Offer. WG Partners LLP is acting as placing agent in relation to the Offer
Upon Admission, the Company will have 90,117,579 Ordinary Shares in issue with an expected free float greater than 30% (assuming no exercise of the Over-Allotment Option) and greater than 35% (assuming exercise in full of the Over-Allotment Option)

Arix Bioscience CEO Dr Joe Anderson said: “We are really pleased to see such strong demand for our IPO from a broad range of investors in this oversubscribed offering. This is a vote of confidence for the life-science sector.

“We have a highly experienced international team and this new capital enables us to continue our commitment to supporting businesses in the vanguard of medical innovation, with the ultimate goal of improving outcomes for patients and unlocking value for investors.

“The IPO has received broad support from respected groups, including large institutional investors, pension funds, family offices, wealth managers and global pharmaceutical companies. The intermediaries offer was also strongly supported by retail investors.

“We believe this demonstrates the growing appeal of this opportunity to convert promising science into important new medicines. We’d like to thank all our existing and new shareholders for their fantastic support and look forward to continued success in the future.”