LifeCycle, Wilex price IPOs
Two European companies, LifeCycle and Wilex, sold IPOs on Friday, bringing in more than $150 million. LifeCycle (CSE:LCP) raised DKK484 million ($82.6 million) through the sale of 11 million shares at DKK44 on the Copenhagen Stock Exchange. The price came in at the midpoint of the proposed DKK38-DKK50 range and values the company at DKK1.5 billion ($256 million). The shares were offered in a public offering to retail and institutional investors in Denmark and in a private placement to institutional investors in certain other jurisdictions. About half of the offering was subscribed outside of Denmark. Morgan Stanley and Danske Markets were joint lead managers and bookrunners. Shares are expected to begin trading Nov. 13.
Last month, LCP submitted an NDA for its LCP-FenoChol fenofibrate to treat dyslipidemia. The cholesterol-lowering compound uses the company's MeltDose formulation technology. The company was spun out of H. Lundbeck (CSE:LUN) in 2002. ...