French polymer company Adocia releases IPO details

Adocia S.A.S. (Lyon, France) unveiled details of its planned IPO on Euronext Paris and private placement outside the U.S. The company hopes to sell 1.4 million shares at EUR 13-EUR 15.88. If sold in full at the midpoint of EUR 14.44, the company would raise EUR 20 million ($25.9 million) and be valued at EUR 84.4 million ($109.1 million). DSF is lead manager and bookrunner and Invest Securities is co-lead manager. The first day of trading is slated for Feb. 20.

Late last year, Adocia partnered with Eli Lilly and Co. (NYSE:LLY) to develop and commercialize a version of Lilly's Humalog insulin lispro that uses Adocia's BioChaperone polymer technology. Adocia said the technology increases a protein's solubility, protects against enzyme degradation and extends the protein's action time. The French company will receive $10 million up front and is eligible for up to $156 million in milestones, plus royalties. ...