Deals this week: Galapagos, Bristol-Myers Squibb, Zymeworks
Belgium-based clinical-stage biotechnology company Galapagos has announced the pricing for its proposed offering of American depository shares (ADS) to raise funds for its general corporate purposes, new and ongoing research and development (R&D) activities, and commercialisation.
Priced at $90 per ADS, the offering involves a total of 3.75 million shares that will raise gross proceeds of $337.5m for the company.
The offering is expected to be completed by 21 April.
US-based biopharmaceutical company Bristol-Myers Squibb Company (BMS) and Danish company Nordic Bioscience have signed a development agreement.
Under the agreement, the two companies will collaborate to develop translational biomarkers and diagnostics to evaluate non-alcoholic steatohepatitis (NASH) in pre-clinical models of fibrotic diseases and in clinical settings.
Clinical-stage biopharmaceutical company Zymeworks intends to raise between $58.5m and $72m in an initial public offering (IPO) of 4.5 million shares.
To be priced between $13 and $16 a share, the IPO also includes a 30-day option for underwriters to purchase up to an additional 657,000 shares to cover any over-allotment.
The Canadian company expects to receive net proceeds of $56.6m through the IPO.
US-based pharmaceutical company Evoke Pharma and clinical research organisation Spaulding Clinical Research have partnered to carry out the former’s planned comparative exposure pharmacokinetic (PK) trial for a product candidate named Gimoti.
The drug aims to treat the symptoms associated with acute and recurrent diabetic gastroparesis in adult women.
The clinical trial is expected to be completed in the second half of this year.
US-based biotechnology company Polaris Group intends to raise funds through a private placement of shares in order to replenish its working capital.
The placement will include up to 55 million shares of the company’s common stock.