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Acacia Pharma prices Euronext Brussels listing

Cambridge, U.K.-based Acacia Pharma Group Ltd. priced its initial global offering of 11,111,111 ordinary shares on Euronext Brussels at €3.60 per share.

The shares will be offered to institutional investors in Europe, the U.K. and the U.S. for gross proceeds of €40 million.

The drugmaker plans to use the proceeds to launch Baremsis in the U.S. market. The medicine is indicated for the rescue treatment of patients with post-operative nausea and vomiting.

The company expects to receive U.S. Food and Drug Administration approval for the drug in late 2018 following three positive phase 3 trials.

Shares will start trading on Euronext Brussels under the symbol ACPH at 9 a.m. Brussels time March 5 on an if-and-when-issued-or-delivered basis.

Acacia granted the stabilization manager an option to subscribe for up to an additional 1,111,111 shares at the offer price to cover any overallotments or short positions.

Certain shareholders, including Lundbeckfonden Invest A/S, Novo Holdings A/S, F-Prime Capital Partners Healthcare Fund III LP and funds advised by Gilde Healthcare Partners BV also subscribed for 3,175,413 shares under the offering for commitments totaling €11.4 million.

Bank Degroof Petercam NV/SA and RBC Europe Ltd. acted as joint global coordinators and joint book runners. Bank Degroof is also acting as stabilization manager on behalf of the joint global coordinators.