NautaDutilh advised the underwriters in the USD 862.5 (including over-allotment option) million capital raise of argenx. This was the 4th time that argenx raised its capital since its Nasdaq IPO in May 2017 and also the 5th time that the NautaDutilh Amsterdam and Brussels teams were involved. This transaction was not only the largest capital raise for argenx to date, but it also marks the largest ECM transaction of a European biotech in history on any exchange.
Only one day before launch of the offering, on May 26, argenx publicly announced that its lead medicine efgartigimod met the primary endpoint for a Phase III trial in myasthenia gravis. This resulted in a share price increase of over 30% in one day on both Euronext Brussels and Nasdaq and an upsize of the original size of the transaction due to a strong demand.
argenx is a global immunology company developing antibody-based medicines for patients suffering from severe autoimmune diseases and cancer. By translating immunology breakthroughs into innovative drug candidates, argenx is building a world-class portfolio of first-in-class antibodies in both early and late clinical-stages of development.
J.P. Morgan, Cowen, BofA Securities acted as joint bookrunning managers and Stifel, JMP Securities, Wedbush PacGrow, Nomura and Kempen & Co acted as co-managers for the offering.
The deal team consisted of Petra Zijp, Sabrina Legerstee and Annefleur van Oel for Dutch law and Nicolas de Crombrugghe and Lentle Nijs for Belgian law.