Category Archives: News, Deals & Cases

Polyphor’s up to CHF 19.3 Million Equity-Linked Financing

Polyphor AG announced that it has entered into an equity-linked financing arrangement with the French company IRIS to raise a gross amount of up to CHF 19.3 million over a period of two years. Under the innovative financing instrument, IRIS will receive Polyphor shares to be created from the company’s conditional capital based on an interest-free mandatory convertible bonds program.

Meyer Burger Technology’s Rights Offering

On 29 July 2020, Meyer Burger Technology AG completed a capital increase comprising a rights offering to its shareholders and a private placement to selected investors, resulting in gross proceeds of approximately CHF 165 million. Meyer Burger intends to use the proceeds to finance the strategic transformation from a supplier of photovoltaic production equipment to a manufacturer of solar photovoltaic cells and modules and the related ramp-up of production capacities. Credit Suisse acted as Global Coordinator and Joint Bookrunner and Zürcher Kantonalbank acted as Joint Bookrunner in connection with the rights offering.

Public Repurchase Offer for Existing Convertible Bonds by Basilea Pharmaceutica Ltd

On 28 July 2020, Basilea Pharmaceutica completed the offering of approximately CHF 97 million 3.25% convertible bonds due 2027 to finance the repurchase of a part of Basilea’s existing convertible bonds due 2022. With the repurchase of part of its existing bonds financed by newly issued bonds, Basilea was able to extend its debt maturity profile and to optimize its debt structure. The reference price for the conversion price of the new convertible bonds was set by the placement of shares in Basilea.

Goldman Sachs International and UBS AG acted as Joint Global Coordinators in the placement of the new convertible bonds and as dealer managers in the public repurchase offer of the existing convertible bonds.

Swiss Re Update of USD 10 Billion Debt Issuance Programme and Offering of EUR 800 Million Guaranteed Subordinated Notes, as well as SGD 350 Million Guaranteed Subordinated Notes

The Swiss Re group has recently updated its USD 10 billion Debt Issuance Programme, and thereunder has issued (i) EUR 800 million Guaranteed Subordinated Fixed Rate Reset Step-Up Callable Notes with a scheduled maturity in 2052 and (ii) SGD 350 million Guaranteed Subordinated Fixed Rate Reset Callable Notes with a scheduled maturity in 2035.

New Anchor Shareholder in MCH Group

On 10 July 2020, MCH Group AG announced a comprehensive set of measures, including a new anchor investor, Lupa Systems LLC, an independent private investment company owned by James Murdoch. In order to strengthen its capital structure and shareholder base and to accelerate its ongoing transformation, MCH Group’s board of directors proposes to its shareholders a capital increase of CHF 104.5 million, Lupa Systems as a new anchor shareholder and a restructuring of the group’s debt capital. Lupa Systems and the public sector shareholders, which are expected to each hold around one third of MCH Group’s shares, have signed a long-term relationship agreement to, among other things, secure Art Basel in Basel and are fully committed to the strategic direction announced by MCH Group last autumn. The comprehensive set of measures proposed by MCH Group will only be implemented if MCH Group’s shareholders approve all proposals at the extraordinary general meeting to be held on 3 August 2020. 

Placement of New Shares of Molecular Partners

Molecular Partners successfully placed 5’528’089 new shares to institutional investors by way of an accelerated book-building process in a private placement. The offer price was set at CHF 14.50 per share. The gross proceeds from the placement amounted to CHF 80.2 million. The proceeds from the capital increase will be used to fund research & development activities as well as for general corporate purposes.

ADC Therapeutics SA’s Successful IPO

On 15 May 2020, ADC Therapeutics SA listed its shares on the New York Stock Exchange (ticker symbol ADCT). ADCT is a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of antibody drug conjugates. Through its IPO, at USD 19 per share, ADCT raises gross proceeds of USD 267 million including greenshoe. At market close on the first day of trading, ADCT had a market capitalization of USD 2.1 bn. ADCT is the first Swiss company to go public in 2020.

Rights Offering of Cassiopea SpA

On June 3, 2020, SIX Swiss Exchange listed Cassiopea S.p.A. launched a right offering of 750,000 registered shares. Cassiopea expects to receive net proceeds from the offering of approximately EUR 22.3 million, which will be used to finance the Company’s operations up to the planned approval of Clascoterone cream 1% in H2 2020 and the preparation of Clascoterone cream 1%’s subsequent launch in the U.S. and for general corporate purposes. The newly issued shares started trading on the SIX Swiss Exchange for the first time on June 18, 2020. Italian-based Cassiopea is a specialty pharmaceutical company developing and preparing to commercialize prescription drugs with novel mechanisms of action (MOA) to address long-standing and essential dermatological conditions.

Placements of SoftwareONE shares

On 15 May 2020, the selling shareholders KKR, Raiffeisen Informatik, the heirs of Patrick Winter and B. Curti Holding AG conducted a sale of 17.5 million shares in SoftwareONE Holding AG, a leading provider of end-to-end software and cloud technology solutions headquartered in Switzerland and listed on the SIX Swiss Exchange. The sale was effected pursuant to a block trade by way of an accelerated book build and raised gross proceeds of CHF 350 million.

On 18 June 2020, the selling shareholders KKR, Raiffeisen Informatik and the heirs of Patrick Winter conducted a further sale of 17 million shares in SoftwareONE Holding AG, a leading provider of end-to-end software and cloud technology solutions headquartered in Switzerland and listed on the SIX Swiss Exchange. The sale was effected pursuant to a block trade by way of an accelerated book build and raised gross proceeds of CHF 382.5 million.

Implenia AG Completes the Spin-off of Ina Invest Holding AG

On 12 June 2020, Implenia AG completed the spin-off of Ina Invest Holding AG and the shares of Ina Invest Holding were, after a concurrent capital increase, listed on the SIX Swiss Exchange. Ina Invest AG is a Swiss real estate company whose entire portfolio shall be developed and realized according to the highest sustainability criteria.

The spin-off has been effected through a tax-neutral dividend in kind distribution of the Ina Invest Holding shares to Implenia’s shareholders that was previously approved by Implenia’s shareholders. It was preceded by the separation of a part of Implenia’s development portfolio to Ina Invest (a subsidiary held in part by Ina Invest Holding and Implenia) through a series of transactions, including a tax neutral spin-off of real estate in various cantons. Ina Invest Holding will hold approximately 57% of Ina Invest, with Implenia the rest. In parallel, Ina Invest Holding has completed a rights offering. It raised gross proceeds of approximately CHF 116 million.