“We demonstrated that we could take a Brazilian asset and execute it on a global standard.” To see the digital version of IFR Awards 2018, please click here. To see the digital version of IFR Awards 2018, please click here. This year’s three biotech offerings, from BeiGene Ltd., Ascletis Pharma Inc. and Hua Medicine, are all trading below offer price, the data show.An external spokeswoman for Innovent said she couldn’t immediately comment.Innovent’s final price implies a market value of $2 billion, according to terms for the deal obtained by Bloomberg earlier. Up against a falling market, the stock traded poorly, but the leads had found a deal that worked for owners Santander and BBVA. Elanco set its standalone capital structure with US$2bn of debt sold in August, followed by a US$500m term loan. They were placed on your computer when you launched this website. Many of the US accounts, which made up 74% of the book, had never bought a Brazilian stock before, bringing a fresh view to the LatAm market and better valuations for the company. To purchase printed copies or a PDF of IFR Awards 2018, please email gloria.balbastro@refinitiv.com.Canadian medical cannabis grower Tilray’s eye-catching Nasdaq debut in July legitimised cannabis as an institutional investment theme and proved a missed opportunity for Wall Street banks unable or unwilling to bank the emerging industry. “Within the larger mutual fund complexes, there were a number of new funds that participated. Unlocking the regulatory process required a chunky financial settlement between the Catholic Church, Fidelis’s owner, and the State of New York. New York Governor Andrew Cuomo, who at one time sought to claim 80% of the US$3.75bn sale price, championed the US$2bn windfall as a victory for taxpayers. The stock ended the first day of trading with a 19% gain, which not only proves that Hong Kong can support major listing of pre-revenue biotech companies, but also restores the confidence of HKEX in creating a sustainable new sector. “We are a research-driven firm,” said Larry Wieseneck, co-president at Cowen and a longtime Lehman Brothers/Barclays banker who joined Cowen in late 2017. Too few events put money in investors’ pockets through the year, yet Adyen’s float created enormous value for old and new shareholders. Innovent Biologics Seeks $422 Million in Hong Kong IPO The biotech company is the latest in a slew of drugmakers to file for a Hong Kong listing after the stock exchange changed its rules. Even the rump showed heavy demand, with the top 10 orders taking around two-thirds of 40.38m shares sold at 238p, flat to the TERP at launch. By being on the top line on the vast majority of its deals Morgan Stanley was able to drive the direction of trades in difficult times – sometimes taking the helm when its peers were advising to cancel. Leveraging the platform, the company has built up a robust pipeline of 20 innovative assets in the fields of oncology, ophthalmology, autoimmunity, and cardiovascular diseases.
The bank’s bookrunner share ranked it fourth in the sector (second by number of deals) ahead of many bulge-bracket firms. Other cornerstone investors included US venture capital firm Sequoia, Capital Group, Value Partners and Vivo Capital.The company also set a realistic valuation target, of about US$2.1bn at the top of the HK$12.50–$14.00 price range. The shares were eventually priced at HK$405 each, or a 7.8% discount to the pre-deal close of HK$439.40. The HK$3.8bn (US$485m) IPO of Innovent Biologics proved Hong Kong could support major listings of pre-revenue biotech companies. While the plans remain at an early stage, the Suzhou-based maker of cancer drugs is seeking to sell shares to the public sometime this year, Bloomberg News reported. The Suzhou-based company priced it sale of 236.35 million shares at HK$13.98 apiece, the people said, asking not to be identified because the information is private. “We let them compete for the asset and create scarcity, and ultimately price the transaction at levels that exceeded the client’s expectations.” Such accounts liked PagSeguro’s disruptive potential as a provider of technology solutions for small and medium-sized companies in a Brazilian financial sector still dominated by big banks.
The IPO was always going to be a tough ask as positive cashflow generation was only predicted in 2021, but the leads felt there was a deal to be done. The effort culminated in 62.9m being shares priced at US$24, above the US$21–$23 marketing range, with exercise of the 9.4m greenshoe extending Eli Lilly’s take to US$1.7bn, the largest US-listed healthcare IPO since Pfizer spun-off Zoetis in 2013. While Boku was tiny with just 40 employees, its clients – Apple, Google, Facebook, Microsoft and Spotify – were anything but. The result was a 96.3% take-up, an exceptional result even in a good market, which was rarely the backdrop in 2018. The ABB haul included three of the five largest selldowns, comprising a £2.5bn trade in RBS and a &If spin-offs are designed to illuminate value, Eli Lilly’s IPO of Elanco Animal Health shone bright for both parent and subsidiary. We want to be number one in each sector as that attracts the best institutions and that brings the best issuers,” said Alastair Rae, co-head of ECM syndicate. That was much lower than the fair value guidance of up to US$3.8bn from one of the IPO sponsors during pre-marketing.Books, excluding the cornerstone tranche, were more than 10 times covered. The IPO attracted 10 cornerstone investors, including Sequoia Capital, Capital Group Cos. and Temasek, that agreed to buy a total of about $245 million of stock, the terms show. Elanco was not only among the largest IPOs of the year but the most lucrative as well, as its shares closed their debut session 50% above offer at US$36 and in mid-November were still up 38% – stated differently, that is some US$660m in paper profits. Anna Vodopyanova. That wave, though, failed to materialise with just a few exceptions.