The Dutch biotech argenx, which develops antibody drugs to treat autoimmune diseases and cancer, has raised an eye-watering €502M ($557M) in a global offering on the Nasdaq Stock Exchange and Euronext Brussels.
Argenx’s global offering was launched last week. It consists of a private placement in Europe as well as a public offering in the US and other countries outside of Europe. The US and European fundraises are expected to close tomorrow. The company hasn’t specified what it will use the enormous fundraise for.
Argenx develops drugs inspired by llama antibodies. Its lead candidate, efgartigimod, is currently in phase III for the treatment of the neuromuscular disease myasthenia gravis, as well as completing phase II development for the blood clotting disorder immune thrombocytopenia. The company is also developing cancer treatments, the most advanced of which is currently in phase II for the treatment of blood cancer.
Although it hasn’t yet reached profitability, argenx is drawing big interest from potential investors and corporate partners. The company’s public offering in September 2018 raised more than €250M on the Nasdaq. In addition, the promising performance of argenx’s blood cancer treatment in phase II prompted the big pharma company Janssen to strike a deal with argenx worth up to €1.4B in December last year. It’s small wonder that the company is one of the few members of the billion euro club of European biotech.
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