Category Archives: News, Deals & Cases

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. 

Credit Suisse (Schweiz) AG Receives Approval for the First-Ever Prospectus Complying with the New Swiss Prospectus Regime

On 18 June 2020, SIX Exchange Regulation, in its capacity as a new review body under the Financial Services Act (FinSA), licensed since 1 June 2020 (as is the second Swiss review body, RegServices of BX Swiss), approved the first fully FinSA-compliant base prospectus of Credit Suisse (Schweiz) AG. Credit Suisse’s Swiss Covered Bond issuance programme provides for the issuance of Swiss-law governed covered bonds with public offerings and admissions to trading on a trading venue in Switzerland in compliance with the new Swiss prospectus regime.

SIG Combibloc Group Completes its EUR 1.85 Billion Refinancing

On 22 June 2020, SIG Combibloc PurchaseCo S.à r.l., a subsidiary of SIG Combibloc Group, has issued EUR 450 million Senior Unsecured 1.875% Notes due 2023, as well as and EUR 550 million Senior Unsecured Notes 2.125% due 2025. Certain subsidiaries of SIG Combibloc Group have also entered into new sustainability-linked EUR 850 million loan facilities. The net proceeds from these transaction are used to refinance the existing group financing.

Saint-Gobain Sells Stake in Sika

In May 2020, Saint-Gobain’s subsidiary Schenker-Winkler Holding AG sold its 10.75% stake in Sika for CHF 2.56 billion. The shares were placed via a private placement to qualified institutional investors by way of an accelerated book-building process.

Placement of Helvetia Group AG Shares

On 17 June 2020, Helvetia Group AG, a leading international insurance group, successfully placed 3.3 million new shares at a price of CHF 91.00 per share in a private placement by way of an accelerated bookbuilding process, resulting in gross proceeds of approximately CHF 300 million. The net proceeds from the share placement will be used to partly finance the acquisition of a 70 per cent. majority interest in the Spanish insurer Caser (Caja de Seguros Reunidos, Compañía de Seguros y Reaseguros S.A.) for around EUR 780 million. The acquisition of Caser is expected to further strengthen Helvetia’s European business as a second pillar, significantly expand Helvetia’s attractive non-life business and increase its distribution capabilities in Spain.

RSBG SE successfully places shares of Stadler Rail AG

On 26 May 2020, RSBG SE, the industrial investment company of RAG-Stiftung, suc-cessfully placed 5.5 million shares of Stadler Rail by way of an accelerated bookbuilding process, representing approximately 5.5 per cent. of the total number of Stadler Rail shares outstanding. The shares were placed at CHF 38.10 per share, resulting in gross proceeds of approximately CHF 210 million. Following the placement, RSBG SE continues to hold approximately 4.5 per cent. of the shares in Stadler Rail.

Placement of Idorsia Ltd. Shares

On 20 May 2020, Idorsia Ltd, a Swiss biopharmaceutical company, successfully completed a private placement with institutional investors of 11 million new registered shares, corresponding to 8.4% of its currently issued share capital, by way of an accelerated bookbuilding process. The shares were placed at CHF 30.00 per share, resulting in gross proceeds of CHF 330 million. The net proceeds will be used by Idorsia to prepare to launch its first commercial products and to continue to fund the development of its other pipeline candidates.