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BerGenBio applies for a listing on Oslo Børs

BerGenBio was established by BTO, Unifob and researchers from the University of Bergen ten years ago. Ever since the establishment, the company has experienced an incredible success. Now they are ready to launch an Initial Public Offering (IPO) and to apply for a listing on Oslo Børs.

BerGenBio is a clinical-stage biopharmaceutical company focused on developing a pipeline of first-in-class drug candidates to treat multiple aggressive cancers. BerGenBio has pioneered the research and understanding of the central role of Axl kinase in a broad range of aggressive cancers that spread, avoid the immune system and are resistant to existing drugs. Tumours with these characteristics are the cause of the majority of cancer deaths.

BerGenBio is developing a number of Axl kinase inhibitors, which represents a novel approach to address the key mechanisms leading to tumours becoming malignant and aggressive. This approach presents BerGenBio with an opportunity to create new therapeutic options for cancer patients.

BerGenBio’s most advanced drug development program, BGB324, is a highly selective, orally bioavailable small molecule Axl inhibitor, currently in Phase II clinical development. It is the only selective Axl inhibitor in clinical development. BGB324 has already delivered encouraging clinical data.

BerGenBio intends to develop BGB324 itself and through strategic partnerships. On 8 March, BerGenBio announced an important clinical collaboration with MSD, a leading global pharmaceutical company, which would allow to carry out more patient studies with BGB324.

– BerGenBio is pioneering a new approach to treating aggressive cancers based on its deep understanding of Axl biology. Our lead compound, BGB324, the only highly selective Axl inhibitor in clinical development, has already delivered encouraging clinical data in patients, indicating it could provide an important new improved treatment option. The clinical collaboration with MSD announced today will allow us to assess BGB324 in combination with its immune checkpoint inhibitor KEYTRUDA®. Our planned IPO will provide BerGenBio with the funds needed to develop BGB324 through to regulatory trials and to generate significant value for shareholders. We will continue to evaluate the optimal strategy for further development and commercialisation of BGB324, either alone or in conjunction with partners, says Richard Godfrey, CEO of BerGenBio, in a recent press release.

Chairman of the Board, Stein H. Annexstad, also expresses his support to the IPO for BerGenBio in the same press release:
– The IPO is a natural next step in the development of BerGenBio that will help it secure a broader, long-term shareholder base. In addition, the listing will enhance BerGenBio’s visibility among potential partners, ensure organised and regulated trading of the shares as well as provide access to the capital markets.

The IPO will comprise a public offering to institutional and retail investors in Norway and Sweden, and a private placement to certain institutional investors internationally. The largest existing shareholder has indicated that it will offer strong support through the IPO of BerGenBio.

ABG Sundal Collier, Arctic Securities and DNB Markets are acting as Joint Global Coordinators and Joint Bookrunners in the IPO.

Here you will find the complete press release.