Category Archives: News, Deals & Cases

Bär & Karrer Advises the Banking Syndicate in the IPO of Polyphor

Polyphor Ltd, a clinical-stage biopharmaceutical company focused on the discovery and development of innovative antibiotics and other specialty pharma products, successfully priced its IPO and listed its shares on the SIX Swiss Exchange. Trading in the shares started on 15 May 2018. The shares were priced at the upper end of the price range, resulting in gross proceeds of CHF 165 million. The IPO of Polyphor is considered the largest biotech IPO in Switzerland in over 10 years and one of the top three in Europe within the last three years in terms of proceeds raised by an issuer in order to finance the development of its pipeline.

Bär & Karrer Advises CEVA Logistics on its IPO, the anchor investment by CMA CGM and its migration to Switzerland

CEVA Logistics, one of the world’s leading third-party logistics companies, successfully priced its IPO and listed its shares on the SIX Swiss Exchange, where trading commenced on 4 May 2018. With a market capitalization of CHF 1.6 billion and generating gross proceeds of CHF 821 million, this is so far considered as the largest IPO on the SIX Swiss Exchange for 2018.

IPO of Sensirion Holding AG on SIX Swiss Exchange

On 12 March 2018, Sensirion Holding AG (Sensirion) announced the launch of its initial public offering (IPO) on SIX Swiss Exchange and the first trading day was March 22, 2018. The shares of Sensirion were priced at CHF 36 per share, at the top end of the price range, corresponding to a placement volume of CHF 276 million and a total market capitalization for Sensirion of CHF 504 million (before exercise of the over-allotment option). The bank syndicate placed 6,150,000 existing shares offered by the majority shareholder, Gottlieb Knoch, and 1,530,000 newly issued shares offered by Sensirion in the base offering. Sensirion raised gross proceeds from the IPO of CHF 55 million (before exercise of the over-allotment option).

IPO of Medartis Holding AG on SIX Swiss Exchange

On 12 March 2018, Medartis Holding AG (Medartis) announced the launch of its initial public offering (IPO) on SIX Swiss Exchange and the first trading day was March 23, 2018. The shares of Medartis were priced at CHF 48 per share, corresponding to a placement volume of CHF 123.9 million (excluding the over-allotment option) and a total market capitalization for Medartis of CHF 563 million. The bank syndicate placed 2,604,166 new registered shares in the base offering. Medartis raised gross proceeds from the IPO of CHF 123.9 million (excluding the over-allotment option).

Bär & Karrer Advised Orior on the Placement of Shares by Way of an Accelerated Bookbuilding

Orior AG successfully placed 592,499 new shares by way of an accelerated bookbuilding in a private placement with institutional investors. The placed shares are sourced from the company’s existing authorized share capital and the pre-emptive rights of the existing shareholders have been excluded.

Bär & Karrer Advises Novartis on the Placement of EUR 2,250,000,000 Guaranteed Notes

Novartis Finance S.A. completed the placement of EUR 750,000,000 Guaranteed Notes due 2023, EUR 750,000,000 Guaranteed Notes due 2030 and EUR 750,000,000 Guaranteed Notes due 2038. The 2023 Notes were issued at 99.655% of their principal amount with an interest of 0.500% and will mature on 14 August 2023 at their nominal value. The 2030 Notes were issued at 99.957% of their principal amount with an interest of 1.375% and will mature on 14 August 2030. The 2038 Notes were issued at 99.217% of their principal amount with an interest of 1.700% and will mature on 14 August 2038. The Notes are guaranteed by Novartis AG. They have been provisionally admitted to trading at the SIX Swiss Exchange and are expected to be listed there as well.

Valora Holding CHF 166 million Rights Offering

On 9 November 2017, Valora Holding AG (Valora) launched its right offering of up to 687’119 registered shares. On 21 November 2017, Valora Holding AG completed the capital increase raising net proceeds of approximately CHF 166 million. The capital increase was executed as an “at market” rights offering. The offer price for the new shares of CHF 310 per new share was determined following a bookbuilding process for the shares not taken up by existing shareholders. Credit Suisse and J.P. Morgan acted as Joint Global Coordinators and Joint Bookrunners. Valora is listed on the SIX Swiss Exchange. It runs a retail network of convenience and food-service outlets in Switzerland, Germany, Austria, Luxembourg, the Netherlands and France, and is also a leading producer of pretzels. Valora will use the proceeds from the capital increase to refinance its recent acquisition of BackWerk, to finance the expansion of production capacities, to refinance existing capital market instruments and for general corporate purposes. The newly issued shares were be traded on the SIX Swiss Exchange for the first time on 22 November 2017.

St.Galler Kantonalbank AG successfully issued CHF 100 million Additional Tier 1 Notes and CHF 100 million Tier 2 Notes

On 16 November 2017 St.Galler Kantonalbank AG (SGKB) launched, and on 30 November 2017 successfully completed, the issuance of CHF 100 million 1.70 per cent. Perpetual Additional Tier 1 Notes and CHF 100 million 1.00 per cent. Tier 2 Notes due 2027 (collectively, the Notes). The Notes are governed by Swiss law, eligible to count towards SGKB’s Swiss going concern requirement, and exempted from the Swiss withholding tax regime. They will be listed on the SIX Swiss Exchange. Zürcher Kantonalbank acted as Sole Structuring Advisor and Lead Manager on the transaction.

Dufry CHF 3.4 billion refinancing

On 3 November 2017, the Dufry group concluded the refinancing of its main bank credit facilities of CHF 3.4 billion. The refinancing of the bank credit facilities concluded the restructuring of Dufry’s financing structure, including the issuance of the EUR 800 million Senior Notes on 24 October 2017.

ADC Therapeutics SA USD 200 million private placement

On 23 October 2017, ADC Therapeutics SA, an oncology drug discovery and development company that specializes in the development of Antibody Drug Conjugates (ADCs) targeting major cancers, announced that it has raised USD 200 m through a private placement of shares. According to BioWorld.com, the placement is the fourth largest private financing round on record for a European biopharmaceutical firm and the second largest private equity round in European biopharma so far in 2017.