Argenx SE to raise €637m

Last December, the Breda-based drugmaker got the green lightfrom the US FDA for its injectible anti-acetylcholin receptor antibody fragment efgartigimod, a novel drug class challenging the short-lived first-line pill pyridostigmine for patients with the rare disease masthenia gravis. One day before raising approximately $700m in US-American Depositary Shares (ADS) and through a combined private placement in Europe and the UK, the company confirmed non-inferiority of the self-administatable subcutaneous formulation of its antibdody drug that reached all endpoints of a pivotal US-based Phase III trial.

Argenx SE anticipates total gross proceeds of approximately €637m ($700m) from the sale of 1,551,044 ADSs at a price of $300.00 per ADS and the sale of 782,290 ordinary shares at a price of €273.10 per ordinary share. The company expects both, the US offering and the European private placement to close on March 28, 2022. The company offered a greenshoe option allowing to purchase additional  ordinary shares  within the following 30 days on the same terms and conditions. J.P. Morgan, Morgan Stanley, Cowen and SVB Leerink are acting as joint bookrunning managers for the offering. Wells Fargo Securities, Kempen & Co, H.C. Wainwright & Co., Raymond James and Wedbush PacGrow are acting as co-managers for the offering.

Efgartigimod is an antibody fragment that binds to the neonatal Fc receptor (FcRn), preventing FcRn from recycling immunoglobulin G (IgG) back into the blood. The medication causes a reduction in overall levels of IgG, including the abnormal AChR antibodies that are present in myasthenia gravis.