PolyPeptide Group AG’s CHF 848 Million Initial Public Offering on SIX Swiss Exchange

Homburger acted as counsel to the underwriters, while Niederer Kraft Frey and Clifford Chance advised PolyPeptide Group.

PolyPeptide Group AG, a global leader in peptide development and manufacturing, announced the successful pricing of its initial public offering (IPO) at CHF 64 per share, implying a market capitalization of CHF 2.12 bn.

The base offering of the IPO comprised 3,125,000 new shares issued in a capital increase and 8,396,740 existing shares sold by the selling shareholder, Draupnir Holding B.V. In addition, the selling shareholder has granted an over-allotment option to the underwriters of up to 1,728,261 existing shares, exercisable in whole or in part within 30 days following the first day of trading, which implies a total placement volume of up to CHF 848 million. The shares were listed and started trading on SIX Swiss Exchange on April 29, 2021 under the ticker symbol «PPGN».

Credit Suisse AG, Morgan Stanley Europe SE and Merrill Lynch International acted as Joint Global Coordinators and Joint Bookrunners, and Danske Bank A/S, Joh. Berenberg, Gossler & Co. KG and Zürcher Kantonalbank as Joint Bookrunners on the IPO.

PolyPeptide is a leading global independent contract development and manufacturing organization (CDMO) specializing in innovative peptides employed as the active ingredient in therapeutic products. Dating back to 1952, PolyPeptide is the world’s first dedicated peptide manufacturer and at present manufactures approximately half of all currently approved peptide drug substances. For the year ended December 31, 2020, PolyPeptide generated revenues of EUR 223.0 m and an adjusted EBITDA of EUR 62.0 m. With a global workforce of more than 900 employees, PolyPeptide has manufacturing sites across three continents.

The Homburger team was led by Frank Gerhard (Picture) and included Lorenzo Togni, Daniel Junginger (all Corporate / M&A and Capital Markets). Partner Stefan Oesterhelt provided tax advice.

The NKF team was led by Corporate/Capital Markets partner Philippe Weber and further comprised partner Thomas Brönnimann, counsel Christina Del Vecchio, associate Corinne Russi, junior associate Samuel Noser (all Corporate/Capital Markets) as well as partners Markus Kronauer and Daniela Schmucki (both Tax) and partner Andreas Casutt and associates Annina Fey and Alessandro Stanchieri (all Corporate/Employment Law).

The Clifford Chance team, advising PolyPeptide as US counsel on its IPO, comprised partner George Hacket (Frankfurt), counsel Laura Scaglioni (Milan) and associate Elizabeth van de Sande (Frankfurt; all Capital Markets). US tax advice was provided by partner Avrohom Gelber (New York).

Involved fees earner: Avrohom Gelber – Clifford Chance; George Hacket – Clifford Chance; Laura Scaglioni – Clifford Chance; Elizabeth van de Sande – Clifford Chance; Frank Gerhard – Homburger; Daniel Junginger – Homburger; Stefan Oesterhelt – Homburger; Lorenzo Togni – Homburger; Thomas Brönnimann – Niederer Kraft Frey Ltd; Andreas Casutt – Niederer Kraft Frey Ltd; Christina Del Vecchio – Niederer Kraft Frey Ltd; Annina Fey – Niederer Kraft Frey Ltd; Markus Kronauer – Niederer Kraft Frey Ltd; Samuel Noser – Niederer Kraft Frey Ltd; Corinne Russi – Niederer Kraft Frey Ltd; Daniela Schmucki – Niederer Kraft Frey Ltd; Alessandro Stanchieri – Niederer Kraft Frey Ltd; Philippe Weber – Niederer Kraft Frey Ltd;

Law Firms: Clifford Chance; Homburger; Niederer Kraft Frey Ltd;

Clients: Credit Suisse; Danske Bank; Joh. Berenberg, Gossler & Co. KG; Merrill Lynch International; Morgan Stanley; PolyPeptide Group AG; Zürcher Kantonalbank;

Author: Federica Tiefenthaler