Argenx Raises $1.1 billion in Global Offering

Rare Daily Staff

Autoimmune disease drug developer Argenx, on the heels of reporting positive phase 2 results for its Vyvgart Hytrulo in patients with chronic inflammatory demyelinating polyneuropathy, said it raised $1.1 billion from the global sale of American Depository Shares and a simultaneous private placement of ordinary shares in the European Economic Area and the United Kingdom.

The offering follows a familiar pattern among biotech companies in the current environment to move quickly to raise money in the face of positive clinical data.

The company sold 1,580,981 ADSs at a price of $490.00 per ADS and the sale of 663,918 ordinary shares at a price of $488.30 (€436.37) per ordinary share. Each of the ADSs represents the right to receive one ordinary share. The U.S. offering and the European private placement are expected to close simultaneously on July 24, 2023, subject to customary closing conditions.

In addition, Argenx said it has granted the underwriters of the offering a 30-day option to purchase up to 336,734 ordinary shares (which may be represented by ADSs) on the same terms and conditions.

Argenx’s ADSs are listed on the Nasdaq Global Select Market under the symbol “ARGX” and Argenx’s ordinary shares are listed on Euronext Brussels under the symbol “ARGX.”