PhD | Director Therapeutic Innovation and BaseLaunch
Tel. +41 61 295 50 17stephan. emmerth@baselarea. swiss
Biopharmaceutical company Polyphor intends to conduct an initial public offering (IPO) on the SIX Swiss Exchange in the second quarter of 2018. The offering is expected to be in the range of 100 million to 150 million Swiss francs.
At the heart of the planned IPO is Polyphor’s lead product candidate, murepavadin. With it, Polyphor has discovered and developed “the first new class of antibiotics against Gram-negative bacteria that have reached Phase III clinical development in more than 50 years,” according to a statement from the biopharmaceutical company.
Murepavadin is meant for use in the fight against Pseudomonas aeruginosa, “one of the most dangerous Gram-negative bacteria”. Polyphor estimates that murepavadin could have an overall market opportunity in the range of 2 billion to 3 billion dollars in 2028. A large portion of the IPO will go towards the continued development of murepavadin.
“The planned IPO will allow us to continue the development of murepavadin to treat Pseudomonas aeruginosa, the second leading cause of nosocomial pneumonia, which has mortality rates of approximately 30 per cent to 40 per cent, and progress the development of balixafortide and of further innovative antibiotics,” CEO Giacomo Di Nepi said in a statement. Balixafortide is used to treat patients with advanced metastatic breast cancer.
The planned IPO is expected to consist of a public offering in Switzerland and private placements in Switzerland and internationally, including to qualified institutional buyers in the U.S. It will comprise solely of a primary offering with no secondary share sales.