Weber & Co. acted as underwriter's and managers' counsel to the managers Erste Group Bank AG (Sole Global Coordinator) and goetzpartners securities Ltd (Co-Lead Manager) on Marinomed Biotech AG's upcoming February 1, 2019 debut on the Vienna Stock Exchange — the first successful IPO in Austria since BAWAG's in 2017. Herbst Kinsky Rechtsanwalte advised Marinomed, with Clifford Chance Frankfurt advising the company on US law aspects of the IPO. The shares are expected to be listed on the Official Market (prime market segment).
Marinomed Biotech is a biopharmaceutical company founded in 2006 as a spin-off of the University of Veterinary Medicine Vienna, focusing on the development of innovative products derived from patent protected technology platforms to treat respiratory and ophthalmic conditions. According to Weber & Co, "the Marinosolv technology platform increases the efficacy of hardly soluble compounds for the treatment of sensitive tissues such as the eyes and nose. The Carragelose platform comprises innovative patent protected products targeting viral infections of the respiratory tract. Carragelose is used in nasal sprays, throat sprays, and lozenges which are sold in more than 30 countries around the world in collaboration with international partners."
According to Weber & Co., "in the course of the IPO, 299,000 shares of Marinomed were placed with investors for an offer price of EUR 75 per share. The public offering in Austria, which was resumed following a suspension in November 2018, took place from January 24, 2019 until January 29, 2019. The transaction also comprised a private placement outside of Austria to selected institutional investors, including a private placement in the United States of America to qualified institutional buyers. Based on the total number of 1,299,000 Marinomed shares (assuming a full exercise of the greenshoe option) and the offer price of EUR 75 per share, the market capitalization of Marinomed will amount to approximately EUR 97.4 million."
In preparation of its IPO, Marinomed issued convertible bonds in 2017, with Herbst Kinsky again advising Marinomed and Weber & Co. acting as legal counsel to arranger Erste Group.
According to Weber & Co. Partner Christoph Moser, who led the firm's team, "the IPO of Marinomed is a milestone in the recent capital market history in Austria. With the first IPO in Austria for more than one year, the company draws the topic biopharmaceuticals into the spotlight of the Vienna Stock Exchange. The successful placement of new shares in a still volatile capital market environment proves the significant interest of investors in the Marinomed capital market story. We are thankful to support the managers in this exceptional transaction."
In addition to Moser, the Weber & Co. transaction team included Partner Stefan Weber and Associates Angelika Fischer, Yvonne Gutsohn and Clemens Nostler.
The Herbst Kinsky team was led by Partner Philipp Kinsky.
The Clifford Chance team in Frankfurt was led by Partner George Hacket and include Senior Associate David Santoro, Associate Andrei Manea and Transaction Lawyer Anjana Parvathy, New York-based Partner Avrohom Gelber and Associate Eric Naftel assisted on Tax matters, and Washington-based Partners Glen Donath and George Kleinfeld and Counsel Jacqueline Landells provided regulatory advice.
Editor's Note: This article has been updated to identify all members of the Clifford Chance team.