EQT Life Sciences-Backed AgomAb Falls After $200 Million IPO
(Bloomberg) — AgomAb Therapeutics NV, a clinical-stage biopharmaceutical company backed by EQT Life Sciences, closed 8.4% below its initial public offering price on Friday after the firm raised $200 million in the listing.
The company’s American warehouse receipts closed at $14.65 each in New York; The IPO price was $16. The company sold 12.5 million ADRs on Thursday after marketing them at $15 to $17 each. Each ADR represents one ordinary share in accordance with its regulatory filings.
The transaction gives the Antwerp, Belgium-based firm a market value of approximately $714 million, based on outstanding shares listed on its filings.
AgomAb is focused on immunology and inflammatory diseases and is developing an oral drug to treat Fibrostenosing Crohn’s Disease, a serious complication of Crohn’s disease in which repeated inflammation causes scarring and narrowing of the intestines. The company is also studying an inhalation treatment for a rare lung disease. Proceeds from the IPO will mostly be used to help develop drugs.
The firm, Andera Partners, Boehringer Ingelheim Venture Fund, Canaan, affiliates of KKR & Co., EQT AB’s EQT Life Sciences, Fidelity Management & Research Co., Invus, Pfizer Inc. and has raised nearly 300 million euros ($354 million) privately from investors such as Sanofi.
In late 2024, AgomAb raised €82.1 million in Series D financing with participation from Sanofi, Invus and others. According to the filings, EQT Life Sciences is expected to hold a 7.9% stake in AgomAb after the IPO, while Fidelity has a 6.8% stake.
The filings show AgomAb suffered a net loss of €45.1 million in the nine months ending September 30. This figure corresponds to a net loss of 34.5 million Euros in the same period of the previous year.
The company is led by Chief Executive Officer Tim Knotnerus, who was previously head of corporate development at AM-Pharma, where he and his team negotiated a $600 million purchase option agreement with Pfizer.
The offering was led by JPMorgan Chase & Co., Morgan Stanley, Leerink Partners and Van Lanschot Kempen. The company’s ADRs trade on the Nasdaq Global Market under the symbol AGMB.
(Updates with closing prices.)
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