MunichAt the end of May, Abacus Medicine wants to celebrate its debut on the trading floor – the first attempt had failed. The IPO of the Danish drug importer should bring up to 79 million euros. The company set the price range on Wednesday at 14.50 to 16 euros. At this price, Abacus would be valued at the stock exchange with 160 to 176 million euros. Investors will be able to subscribe for up to 4.95 million shares from Thursday to May 29, with the debut on the Frankfurt Stock Exchange scheduled for 31 May.
For Abacus it is the second attempt: a first attempt was canceled in the fall of 2018. Founder and CEO Flemming Wagner said he felt confirmed by investors' reactions. "With additional capital, we want to take the company to the next level of development."
Founded in 2004, the company specializes in the so-called parallel import of expensive, prescription medicines. It imports drugs such as cancer, multiple sclerosis or rheumatism, which cost in the pharmacy between 500 and 3000 euros – sometimes even more – from EU countries, where the pharmaceutical companies offer them cheaper. That's legal. The largest market for Abacus is Germany.
Abacus Medicine itself will flow with the IPO up to 57 million euros, the rest goes to the existing shareholders to Wagner's family. The family holding company of the Wagners wants to reduce its stake from 91.6 to 51 percent. The free float should be 45 percent after the IPO, provided that the placement reserve is used. The IPO is organized by the investment bank Berenberg.
. (tagsToTranslate) Abacus Medicine (t) Frankfurt Stock Exchange (t) Drug Importer (t) Going public (t) Flemming Wagner (t) Pharmaceutical Industry