BioInvent International AB has completed a private placement of shares raising proceeds of approximately SEK 487 million before transaction costs.
Investors in the transaction are a number of Swedish and international investors, including new investors such as HBM Healthcare Investments Ltd., Swedbank Robur Medica and Invus Public Equities, L.P., as well as existing shareholders Van Herk Investments B.V., Omega Funds, The Fourth Swedish National Pension Fund and Handelsbanken Healthcare Fund.
BioInvent is a clinical stage company that discovers and develops novel and first-in-class immuno-modulatory antibodies for cancer therapies, with two ongoing programs in Phase l/ll clinical trials for the treatment of hematological cancer and solid tumors, respectively.
The net proceeds from the transaction are mainly intended for progressing and expanding the clinical development of BioInvent’s lead antibody, BI-1206, for treatment of NonHodgkin Lymphoma and in combination with pembrolizumab (KEYTRUDA®) in advanced solid cancers, advancing three compounds into clinical programs (BI-1808, BI-1607 and BT-001) and continued development of the company’s prioritized preclinical programs with the aim to generate additional clinical programs.
Van Lanschot Kempen Wealth Management N.V. and Pareto Securities AB acted as Joint Global Coordinators in connection with the private placement. Baker McKenzie acted as legal advisor to the Joint Global Coordinators as to Swedish and US law. Baker McKenzie's team consisted of Joakim Falkner, Henric Roth, Johanna Flink and Ian Gulam in Stockholm and Adam Farlow and Roger James in London.