Base deal of $125 million in gross proceeds from specified
categories of specialized investors closed on November 14, 2017.
Announced full exercise of underwriters’ option to purchase
additional American Depositary Shares (ADSs) and Ordinary Shares, with
closing expected to take place on or about November 16, 2017. Will add
approximately $19 million in additional gross proceeds for total of
$144 million in gross proceeds.
ERYTECH’s ADSs began trading on the Nasdaq Global Select Market on
November 10, 2017.
LYON, France--(BUSINESS WIRE)--Nov. 15, 2017--
NOT FOR DISTRIBUTION IN AUSTRALIA, CANADA OR JAPAN
ERYTECH Pharma (Euronext Paris: ERYP) (Nasdaq: ERYP) ("ERYTECH"), a
clinical-stage biopharmaceutical company developing innovative therapies
by encapsulating therapeutic drug substances inside red blood cells,
today announced the initial closing of its previously announced global
offering to specified categories of investors of an aggregate of
5,374,033 new ordinary shares, comprising an offer of 4,686,106 ordinary
shares in the form of American Depositary Shares, each representing one
ordinary share ("ADSs"), in the United States at an offering price of
$23.26 per ADS and a concurrent private placement in Europe (including
France) and other countries outside of the United States and Canada of
687,927 ordinary shares at an offering price of €20.00 per ordinary
share. In addition, the underwriters for the global offering have
exercised in full their option to purchase at the same price 702,915
additional ADSs and 103,189 additional ordinary shares in the global
offering, with the additional closing expected to occur on November 16,
2017. Following the additional closing, aggregate net proceeds to
ERYTECH, after deducting underwriting commissions and estimated offering
expenses payable by ERYTECH, will be approximately $130 million. All of
the securities sold in the global offering were offered by ERYTECH.
ERYTECH's ordinary shares are listed on Euronext Paris under the ticker
symbol "ERYP". As of November 10, 2017, ERYTECH’s ADSs are listed on the
Nasdaq Global Select Market under the ticker symbol "ERYP".
Jefferies LLC acted as global coordinator and joint book-runner for the
global offering. Cowen and Company, LLC acted as joint book-runner and
JMP Securities LLC acted as lead manager for the offering of ADSs in the
United States. ODDO BHF SCA acted as joint book-runner for the private
placement of ERYTECH’s ordinary shares in Europe.
In accordance with Article 6 of delegated regulation EU 2016/1052 of
March 8, 2016, Jefferies LLC, acting as the stabilizing agent on its own
behalf and on behalf of the other underwriters, reported that no
stabilization activities had been carried out since November 10, 2017.
The stabilization period is now closed.
The global offering was made only by means of a prospectus. A copy of
the prospectus relating to the global offering was filed with the U.S.
Securities and Exchange Commission and may be obtained from Jefferies
LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison
Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877)
821-7388, or by email at Prospectus_Department@Jefferies.com; or
from Cowen and Company, LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus
Department, or by telephone at (631) 274-2806.
A registration statement relating to these securities has been filed
with, and declared effective by, the U.S. Securities and Exchange
Commission. This press release does not constitute an offer to sell or
the solicitation of an offer to buy securities, and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
Founded in Lyon, France in 2004, ERYTECH is a clinical-stage
biopharmaceutical company developing innovative therapies for rare forms
of cancer and orphan diseases. Leveraging its proprietary ERYCAPS
platform, which uses a novel technology to encapsulate therapeutic drug
substances inside red blood cells, ERYTECH has developed a pipeline of
product candidates targeting markets with high unmet medical needs.
ERYTECH’s initial focus is on the development of products that target
the amino acid metabolism of cancer, depriving them of nutrients
necessary for their survival.
The Company’s lead product, eryaspase, also known under the trade name
GRASPA®, consists of an enzyme, L-asparaginase, encapsulated inside
donor-derived red blood cells. L-asparaginase depletes asparagine, a
naturally occurring amino acid essential for the survival and
proliferation of cancer cells. L-asparaginase has been a standard
component of multi-agent chemotherapy for the treatment of acute
lymphoblastic leukemia (ALL), but side effects limit treatment
compliance, especially in adults and patients with weak performance
status. With its improved safety profile, eryaspase aims to provide
L-asparaginase to patients who cannot tolerate current non-encapsulated
ERYTECH is listed on the Nasdaq Global Select Market in the United
States (ticker: ERYP). ERYTECH is also listed on the Euronext regulated
market in Paris (ISIN code: FR0011471135, ticker: ERYP) and is part of
the CAC Healthcare, CAC Pharma & Bio, CAC Mid & Small, CAC All Tradable,
EnterNext PEA-PME 150 and Next Biotech indexes.
This announcement does not, and shall not, in any circumstances
constitute a public offering nor an invitation to solicit the interest
of the public in France, the United States, or in any other
jurisdiction, in connection with any offer.
The distribution of this document may, in certain jurisdictions, be
restricted by local legislations. Persons into whose possession this
document comes are required to inform themselves about and to observe
any such potential local restrictions.
This announcement is not an advertisement and not a prospectus within
the meaning of Directive 2003/71/EC of the European Parliament and of
the Council of 4 November 2003, as amended (the "Prospectus Directive").
With respect to the member States of the European Economic Area, no
action has been undertaken or will be undertaken to make an offer to the
public of the securities referred to herein requiring a publication of a
prospectus in any relevant member State. As a result, the securities may
not and will not be offered in any relevant member State except in
accordance with the exemptions set forth in Article 3(2) of the
Prospectus Directive or under any other circumstances which do not
require the publication by the Company of a prospectus pursuant to
Article 3 of the Prospectus Directive and/or to applicable regulations
of that relevant member State.
This document does not constitute an offer to the public in France and
the securities referred to in this document can only be offered or sold
in France pursuant to article L. 411-2-II of the French Monetary and
Financial Code to (i) providers of third party portfolio management
investment services, (ii) qualified investors (investisseurs qualifiés)
acting for their own account and/or (iii) a limited group of investors (cercle
restreint d’investisseurs) acting for their own account, all as
defined in and in accordance with articles L. 411-1, L. 411-2 and D.
411-1 to D. 411-4 and D. 754-1 and D. 764-1 of the French Monetary and
This document is only being distributed to, and is only directed at,
persons in the United Kingdom that (i) are “investment professionals”
falling within Article 19(5) of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005 (as amended, the “Order”), (ii)
are persons falling within Article 49(2)(a) to (d) (“high net worth
companies, unincorporated associations, etc.”) of the Order, or (iii)
are persons to whom an invitation or inducement to engage in investment
activity (within the meaning of Article 21 of the Financial Services and
Markets Act 2000) in connection with the issue or sale of any securities
may otherwise lawfully be communicated or caused to be communicated (all
such persons together being referred to as "Relevant Persons"). This
document is directed only at Relevant Persons and must not be acted on
or relied on by persons who are not Relevant Persons. Any investment or
investment activity to which this document relates is available only to
Relevant Persons and will be engaged in only with Relevant Persons.
This document does not constitute an offer of securities for sale nor
the solicitation of an offer to purchase securities in the United States
or any other jurisdiction where such offer may be restricted. The
securities may not be offered or sold in the United States absent
registration under the U.S. Securities Act of 1933, as amended (the
"Securities Act"), or an applicable exemption from registration
requirements under the Securities Act.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171114006824/en/
Source: ERYTECH Pharma
Director of Investor
+33 4 78 74 44 38
+1 917 312 5151
Lee Roth, +1 646 536 7012
Media relations, +1 508 280 6592
+33 1 44 71 98 52