Belgium's Biotalys, the maker of biological alternatives to chemical pesticides, said that it will raise up to €71.2 million ($79.8 million) in its listing on Euronext Brussels next week.
The agri-tech company said it had set a price range of €7.50 to €8.50 and plans to sell up to 6.333 million new shares, with a potential 15% increase subject to demand and a further 15% over-allotment option.
The sale will then range from €47.5 million to a maximum of €71.2 million, if all the extra shares are taken up. The offer period will end no later than 30 June for retail investors and 1 July for institutions, with listing on or about 2 July.
Founded in 2013, Biotalys is a spin-off from the Flanders Institute for Biotechnology and the agricultural counterpart to Belgian biopharmaceutical firm Ablynx, which Sanofi bought in 2018 for €3.9 billion ($4.7 billion).
Alternative Pesticides
Both use llama antibodies, which are smaller and easier to manipulate than human equivalents. Biotalys extracts proteins for use against fungi, bacteria and insects that attack crops, especially high-value fruit like grapes and strawberries.
Biotalys expects to secure US regulatory approval in mid-2022 for its first product, Evoca, and sees a 2024 launch in the European Union, which aims to cut chemical pesticide use by 50% by 2030.
Last week, the company announced plans to list on Euronext Brussels.
Research And Business Development
Biotalys said that investors such as GIMV and Sofinnova Partners would participate in the flotation, proceeds of which will go towards research and business development.
New investors BNP Paribas and Belgian state fund SFPI-FPIM have also committed to a combined €10 million.
Joh. Berenberg, Gossler & Co and KBC Securities are joint global coordinators and joint bookrunners, with Belfius Bank as joint bookrunner and Oppenheimer as lead US bookrunner.
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