(Bloomberg) — AgomAb Therapeutics NV, a clinical-stage biopharmaceutical company backed by EQT Life Sciences, closed 8.4% below its IPO price in its trading debut Friday after the firm raised $200 million in a listing.
Its American depositary receipts closed at $14.65 each in New York, versus an initial public offering price of $16. The company sold 12.5 million ADRs on Thursday, after marketing them for $15 to $17 apiece. Each ADR represents one ordinary share, according to its regulatory filings.
The trading gives the Antwerp, Belgium-based firm a market value of about $714 million, based on the outstanding shares listed in its filings.
AgomAb is focused on immunology and inflammatory diseases, developing an oral drug to treat Fibrostenosing Crohn’s Disease — a severe complication of Crohn’s disease where repeated inflammation causes scarring and narrowing in the intestines. The company is also examining an inhalation treatment for a rare lung disease. The IPO proceeds will mostly be used to help develop the drugs.
The firm raised nearly €300 million ($354 million) privately from investors including Andera Partners, Boehringer Ingelheim Venture Fund, Canaan, affiliates of KKR & Co., EQT AB’s EQT Life Sciences, Fidelity Management & Research Co., Invus, Pfizer Inc. and Sanofi.
In late 2024, AgomAb raised €82.1 million from a Series D financing with participation from Sanofi, Invus and others. EQT Life Sciences was expected to have a 7.9% stake in AgomAb following the IPO, and Fidelity has 6.8%, according to the filings.
AgomAb incurred a net loss of €45.1 million for the nine months ended Sept. 30, compared with a net loss of €34.5 million for the same period a year earlier, the filings show.
The company is headed by Chief Executive Officer Tim Knotnerus, who was previously the head of corporate development at AM-Pharma where he and his team negotiated a $600 million option-to-buy deal with Pfizer.
The offering was led by JPMorgan Chase & Co., Morgan Stanley, Leerink Partners and Van Lanschot Kempen. The company’s ADRs trade on the Nasdaq Global Market under the symbol AGMB.
(Updates with closing prices throughout.)
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