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MeiraGTx gears up for a Nasdaq listing
Posted on Tuesday, 15 May 2018 09:04
Genetic disorder-focused gene therapy developer MeiraGTx Holdings is tapping the stock market for cash for the first time to bankroll the advancement of a pipeline of drugs.

An initial public offering (IPO) on Nasdaq - currently with a USD 86.25 million placeholder - is the order of the day for the Cayman Islands-incorporated company.

Joint bookrunning managers are Bank of America Merrill Lynch, Barclays and Evercore ISI while Chardan is acting as lead manager to the first-time share sale, the details of which are not yet known.

The IPO is a way for UK-registered MeiraGTx Ltd to gain admittance to the boards in the US as prior to completing the listing, the London and New York-based clinical stage company is carrying out a corporate reorganisation.

Offshore vehicle MeiraGTx was specifically formed to become the holding company of this gene regulation technology developer and as such its financial statements will present the results of operations of the wholly-owned subsidiary.

The predecessor was formed and began operating in 2015 through the acquisition of Athena Vision and certain assets from Kadmon.

It has four ongoing clinical and a broad pipeline of preclinical and research programmes initially focused on three areas of unmet medical need: inherited retinal diseases, severe forms of xerostomia and neurodegenerative syndromes

MeiraGTx has never been profitable and does not expect to be so in the foreseeable future: net loss totalled USD 16.40 million in the three months ended 31st Mach 2018 and USD 31.00 million in FY 2017.

So far this calendar year, 30 global companies operating in the biotechnology, pharmaceuticals and life sciences sector have announced or completed an IPO, according to Zephyr, the M&A database published by Bureau van Dijk.

At USD 500.00 million, the expected debut in Hong Kong by Ascletis Pharma is currently the largest by value.

In terms of listings in the US, domestic companies Homology Medicines, Scholar Rock and Surface Oncology are joined by Israel’s Sol-Gel and Autolus of the UK, among others.

© Zephus Ltd