Norway's Algeta to offer up to 6.1M shares

Algeta ASA, a Norwegian cancer therapeutics development company, is preparing an offering aimed at domestic and certain international institutional investors.

The board of directors of Algeta resolved to offer between 3,920,000 and 6,100,000 new shares, plus an over-allotment option of 15%. The indicative price range has been set at between 41-51 Norwegian kroner per share. Based on the indicated offering timetable and subject to approval of the Prospectus by Oslo Bors, the book-building and application period will run from March 12 to 23 March, both dates inclusive. It is expected, again based on the indicated timetable, that trading in the shares will commence on or about March 27.

Subject to completion, gross proceeds from the offering will amount to between 200.0-250.0 million kroner ($32.0-$40.0 million) and will enable Algeta to initiate a Phase III clinical program for Alpharadin, its lead product. In a randomized, double-blind placebo-controlled Phase II clinical trial in patients with late-stage prostate cancer, Alpharadin showed statistically-significant survival benefit and significant results on various disease progression markers as well as a benign side effect profile.