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Belgian Drug Firm Plans IPO in Brussels

June 4
11:12 AM 2013
Stem Cell
(Photo : Reuters)
The image is the microscopic view of a stem cell sample.

Cardio3 BioSciences, the heart drug specialist pharmaceutical firm from Belgium, is now in the midst of planning the stock market offer of its shares in the Brussels and Paris bourses. In an announcement made last Tuesday, the company did not provide terms as to the initial public offer.

The company's focus is in stem cell treatment for cardiovascular health issues. It has appointed Kempen and Co as the only global coordinator of the IPO while Kempen together with Invest Securities would be the joint bookrunners in the offering.

Previously in 2011, Cardio3 had tried a stock float but was unsuccessful in the endeavor. According to a company spokesperson, "The financial markets were particularly difficult during that period, demonstrated by the lack of IPOs in the Brussels stock exchange after that date."

The IPO is expected to net a value of Eur100 million or US$130 million according to an anonymous banker with information on the transaction.

The banker also said that the previous IPO proved to be unsuccessful because investors refused to pay the price pegged by the firm.

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