McDermott advises Paragon portfolio company APONTIS PHARMA AG on IPO
Frankfurt a.M. — McDermott Will & Emery, as transaction counsel, advises the issuer APONTIS PHARMA AG, its main shareholder, the investment company Paragon Partners, as well as the joint bookrunners Hauck & Aufhäuser and M.M.Warburg on the IPO at the Frankfurt Stock Exchange.
The placement price for the IPO was set at 19.00 euros per share. The placement volume totals 101 million euros. A total of 5,290,000 shares were placed with investors as part of the IPO, which also included a U.S. tranche in accordance with Rule 144A of the U.S. Securities Act. The placement includes 2,000,000 new shares from a cash capital increase as well as 1,600,000 existing shares in connection with a base deal, 1,000,000 existing shares in connection with a top-up option and 690,000 existing shares in connection with an over-allotment option from the holdings of the main shareholder Paragon Partners. The first day of trading on the Frankfurt Stock Exchange is scheduled for May 11, 2021. The existing shareholders Paragon Partners and the management of APONTIS PHARMA will remain shareholders in the company after the placement with a stake of 31% and 7%, respectively.
APONTIS PHARMA AG is a leading pharmaceutical company for single pills in the German market. The Company intends to use the net proceeds from the issuance of the new shares primarily for selected investments in the development of new single pills, accelerating the development and licensing of the existing near-term product pipeline, and expanding marketing and sales activities to capture additional market share and product acquisitions.
McDermott provided comprehensive capital markets legal advice to all parties involved. The McDermott team was also responsible for the corporate structuring in the run-up to the IPO.
Advisors APONTIS, Paragon Partners and banks Hauck & Aufhäuser and M.M.Warburg:
McDermott Will & Emery, Frankfurt a.M./Düsseldorf
Capital Markets/IPO Workstream: Simon Weiß (Project Coordination; Capital Markets), Joseph W. Marx (US Capital Markets; joint lead), Gregory M. Weigand (Miami), Edwin C. Laurenson (Counsel, San Francisco; both US Law), Dr. Deniz Tschammler (Munich), Dr. Monika Richter (both Counsel, both Life Sciences); Associates: Dr. Marion von Grönheim, Isabelle Suzanne Müller, Christoph Schäfer, Ardalan Zargari (Staff Attorney); Corporate Workstream: Dr. Philipp Grenzebach (Lead), Dr. Thomas Gennert (both Corporate, both Düsseldorf); Associate: Tom Schäfer