Oslo listing
Pronova BioPharma, a specialist in the research, development and manufacture of omega-3 derived pharmaceuticals, raised NOK 71 million net when it joined the Oslo Stock Exchange. The shares were priced at NOK 23 each, the bottom end of the NOK 23 – to NOK 29 range.
The company will have a market capitalisation of NOK 6.9 billion (€900 million).
The offer of 105,915,432 shares was oversubscribed by investors from Europe and the US. In addition, 10,915,432 existing shares were sold by certain minority shareholders. Pronova will not receive any proceeds from the sale of shares by the existing shareholders.
Net proceeds are NOK 71 million, after the restructuring of the existing share capital and IPO related expenses.
Pronova BioPharma discovers and develops omega-3 pharmaceuticals derived from marine sources. The company’s first marketed product called Omacor in Europe and Asia and Lovaza in the US, is manufactured in Sandefjord, Norway. Omacor/Lovaza is the first and only EU- and FDA-approved omega-3 derived prescription drug for the treatment of elevated levels of triglycerides in the prevention of cardiovascular disease.
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