Molecular Partners Postpones Zurich IPO Amid Volatile Markets
Oct. 21 (Bloomberg) — Molecular Partners AG, a Swiss biotechnology company, postponed its planned 151 million-franc ($159 million) initial public offering in Zurich, blaming “adverse market conditions.”
The deal has been put on hold until further notice, the Schlieren, Switzerland-based company said in a statement. Bookbuilding for the IPO was due to end today and the shares were scheduled to start trading tomorrow.
Slumping equity markets have been derailing share sales across Europe. At least 23 companies have postponed or withdrawn $5.4 billion of European IPOs this year, according to data compiled by Bloomberg. BCA Marketplace Plc today said it won’t proceed with plans to raise about 200 million pounds in London, citing volatility in global equity markets.
Molecular Partners had planned to raise as much as 151 million francs to fund development of its pipeline until it receives income from its Abicipar eye drug. The company, which discovers and develops protein therapies, planned to sell about 22.8 percent of its share capital, valuing it at 610 million francs at the top end of the price range.
Abicipar, which may enter the third and final phase of clinical tests in the second quarter of 2015, is being developed in partnership with Allergan Inc. to treat diseases that can lead to blindness.
Five companies have sold shares on the Swiss stock market this year to raise 1.5 billion Swiss francs. JPMorgan Chase & Co. was sole global coordinator and joint bookrunner for the Molecular Partners deal, with UBS AG as joint bookrunner and Cowen and Company and Bank am Bellevue as co-managers.
–With assistance from Jan-Henrik Förster in Zurich and Aaron Kirchfeld in London.
To contact the reporter on this story: Zoe Schneeweiss in Zurich at zschneeweiss@bloomberg.net To contact the editors responsible for this story: Jan Schwalbe at jschwalbe6@bloomberg.net Elizabeth Fournier, John Bowker
