Natural (stock) selection: Galapagos increases proposed IPO deal size by 25% to $250 million
5/11/15
Galapagos, a Belgian biotech developing new treatments for inflammatory diseases, raised the proposed deal size for its upcoming IPO on Monday.
The Mechelen, Belgium-based company now plans to raise $250 million by offering 6.0 million shares at $41.52, its closing price on Friday. The company had previously filed to raise $200 million by offering 4.7 million shares at $42.43. Galapagos will raise 25% greater proceeds than previously anticipated.
Galapagos is currently traded on the Euronext Amsterdam and Euronext Brussels with a post-IPO market cap of over $1.5 billion, which would make it the year's largest biotech to begin trading in the US.
AbbVie and Johnson & Johnson plan to invest up to $55 million on the offering.
Galapagos, which was founded in 1999 and booked $90 million in revenue for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol GLPG. Galapagos initially filed confidentially on 2/6/2015. Morgan Stanley, Credit Suisse and Cowen & Company are the joint bookrunners on the deal. It is expected to price during the week of May 11, 2015.