Ablynx NV plans to sell 8,353,221 of its ordinary shares as part of a global offering.
As part of the offering, the company will sell 7,159,905 ordinary shares in the form of American depositary shares, or ADSs, to investors in the U.S. and Canada, with each ADS representing one ordinary share. This is Ablynx's initial public offering in the U.S.
Concurrently, the company will sell 1,193,316 ordinary shares in a private placement in Europe and other countries outside of the U.S. and Canada.
The underwriters have an option to buy up to an additional 1,073,986 ADSs in the U.S. offering and up to an additional 178,997 ordinary shares in the private placement.
Ablynx intends to apply to list its ADSs on the Nasdaq Global Select Market under the symbol ABLX.
The company expects net proceeds from the offering of about $159.1 million, or $183.5 million if underwriters fully exercise their option to buy additional ADSs and ordinary shares, assuming a public offering price of $20.95 per ADS in the U.S. and €17.74 per ordinary share in the European private placement.
Ablynx expects to use about $55.5 million to continue to build out a sales, marketing and distribution infrastructure for the commercial launch of caplacizumab in Europe and the U.S.; about $101.6 million to advance the development of ALX-0171 through its phase 2 trials; and roughly $2.0 million to advance the discovery and development of earlier-stage products.
The company expects to use the remainder of any net proceeds from the offering for working capital and other general corporate purposes.
Merrill Lynch Pierce Fenner & Smith Inc., J.P. Morgan Securities LLC and Jefferies LLC are acting as book-running managers for the offering, with Robert W. Baird & Co. Inc., Bryan Garnier & Co. and Ladenburg Thalmann & Co. Inc. as co-managers.