The FINANCIAL — The EBRD is participating in the US$ 51 million private placement of Mabion S.A., one of the leading biotechnology companies in Poland.
The Bank provided the equivalent of US$ 18m as a cornerstone investor together with PFR Life Science sp. z o.o. (part of the Polish Development Fund) and institutional investors specialised in healthcare and life sciences from the United States and Europe, reinforcing and diversifying Mabion’s shareholder base.
The successful placement today generated gross proceeds of PLN 175 million (or approximately US$ 51 million). The shares were sold at a price of PLN 91 per share. Guggenheim Securities, LLC acted as the sole placement agent for the shares to investors in the United States, according to the EBRD.
Mabion intends to use the net proceeds from the financing to cover the cost of the expansion of production capacity in Konstantynów Łódzki, Poland and costs and expenses related to the development and commercialisation of Mabion CD20, a biosimilar to rituximab with the potential as a novel treatment of multiple sclerosis.
The financing was structured as a sale by Mabion’s majority shareholder, Twiti Investments Ltd., of 1.920.772 existing ordinary bearer shares, admitted to trading on the Warsaw Stock Exchange, the aggregate proceeds of which will be immediately lent to Mabion pursuant to a loan agreement between Twiti and Mabion. The loan will be repaid through the issuance of 1.920.772 new ordinary bearer shares to Twiti subject to the approval of a capital increase at Mabion’s extraordinary general meeting to be held on 18 April 2018.