Abacus Medicine postpones IPO
European pharmaceutical parallel trade company Abacus Medicine A/S has postponed its planned Initial Public Offering (IPO), due to "unfavourable market environment".
The announcement of the company came after Abacus Medicine published a prospectus last week and set the price range for its IPO between €14.50 and €16 per share.
The company had planned to file 3,586,207 shares in a primary offering to fund strategic growth initiatives to gain further market share across Europe. Abacus Medicine planed to further develop its manufacturing facilities in Hungary and the Netherlands, invest in growth and operational excellence, and use part of the proceeds for general corporate purposes. In a secondary offering, the company wanted to offer 1,365,926 shares to existing shareholders, including an over-allotment (645.930 ordinary shares) intended to create free float of approximately 45%. The company aimed at sizing the IPO of between approx. €71.8m and €79.2m with a post-IPO market capitalisation between approx. €160m to €176.6m.
The company’s majority shareholder Wagner Family Holding ApS , which currently holds around 91.6% off Abacus Medicine’s stock and which was expected to hold at least 51% post IPO, stepped back from the IPO plans after the market environment proved unfavourable.
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Phabioc GmbH