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Basel-based pharmaceutical company Axovant Sciences is commencing a public offering of its common shares. It expects to generate proceeds of US$40 million. Axovant is listed on the U.S. technology exchange NASDAQ.
Axovant Sciences reported in a press release that it is offering all its common shares. In an additional press release, the company announced that 26,666,667 shares would be offered at a price to the public of US$1.50 each. Axovant expects to generate gross proceeds of US$40 million. It has also granted the underwriters a 30-day option to purchase 4,000,000 additional common shares on the same terms and conditions. Jefferies and Guggenheim Securities will be managing the transaction. The offering is expected to close on 18 March.
Axovant Sciences is a subsidiary of Roivant Sciences. BaselArea.swiss assisted Roivant in relocating to Basel in 2016. Several subsidiaries, including Axovant, also moved their headquarters to Basel at the same time. The biopharmaceutical company specializes on the clinical stage in the development of treatment for dementia. Last year, it licensed the rights for a gene therapy for Parkinson’s disease from Oxford BioMedica. This move further strengthened Axovant’s focus on gene therapy, with the support of additional funds from Roivant.
Axovant also recently founded its own spin-off in Basel, Arvelle Therapeutics. Its work focuses on treatments for disorders of the central nervous system (CNS). In February, Arvelle received one of the largest initial financing commitments for a European-focused biopharmaceutical company. As a result, it was able to acquire the rights to develop and commercialize a new antiepileptic drug.