Idinvest, Gimv-backed Prosensa soars after IPO

The Dutch biotech company is now valued at around $670 million, after its shares gained 48 percent in their first day of trading.

Prosensa, a biotech company whose backers include Gimv, Idinvest Partners and a consortium of venture capital firms, has completed its IPO on Nasdaq. 

The listing priced at $13 per share, giving the company a market capitalisation of around $442 million and allowing it to raise nearly $78 million. The offering was more than 10 times oversubscribed, Benoit Grossmann, a partner at Idinvest, told Private Equity International.

The share price subsequently climbed 48 percent on its first day of trading. As of 11am GMT this morning, Prosensa shares were trading at $19.65, valuing the business at $669 million. 

None of the existing shareholders, which are bound by a 180-day lock-up close, sold shares in the IPO, the company said.

Founded in 2002, Netherlands-based Prosensa develops therapies for rare diseases, particularly neuromuscular disorders. It posted sales of €7.9 million and an operating loss of €10.3 million last year, according to reports. It currently employs 85 staff. 

It is the second biotech company backed by Idinvest to list successfully on the stock exchange this year, after pharmaceutical business Eurytech raised around €18 million on the French stock exchange in April. 

Idinvest will look at selling shares in the company after the end of the lock-up period, Grossman said. He declined to comment further on the timing of a potential exit.  

Earlier this month, the firm bought a 40 percent stake in Kurma Life Sciences, a venture investor founded by two of its former executives, from Natixis Private Equity. KLS, which is also invested in Prosensa, just launched its second buyout fund with a target of €75 million. It is understood to have raised €44 million to date. 

The transaction comes after Idinvest, formerly the buyout arm of French insurer AGF, announced plans to double its assets under management in December 2012. The firm reached a final close on €281 million on its latest senior debt vehicle last week.