Santhera prices 88.5M SwFr IPO

Liestal, Switzerland-based Santhera Pharmaceuticals, a Swiss specialty pharmaceutical company with a focus on neuromuscular diseases, says that it has successfully completed its Initial Public Offering of shares and its listing on the SWX Swiss Exchange.

Santhera has sold 983,859 registered shares, all of which are newly-issued registered shares, corresponding to gross proceeds to the firm of around 88.5 Swiss francs million ($70.8 million). In addition to the public offering in Switzerland, the IPO has attracted a good geographic spread of institutional investors from the UK and a number of other European countries, as well as qualified institutional buyers in the USA, says the company.

The issue price is 90 francs per share. In connection with this, Santhera has granted the lead manager an option to subscribe for up to an additional 147,579 newly-issued registered shares at the offering price to cover over-allotments ("greenshoe"). This over-allotment option will be exercisable for a period of 30 days after initiation of trading of the shares on the SWX Swiss Exchange. The ordinary share capital of Santhera now consists of 2,951,577 shares corresponding to a market capitalization at the offering price of about 265.6 million francs, not including shares from authorized capital for the over-allotment.