ABACUS MEDICINE A/S
Abacus Medicine plans Initial Public Offering
DGAP-News: Abacus Medicine A/S / Key word(s): IPO NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN.
Founded in 2004, Abacus Medicine is, according to own estimates, today the fastest-growing parallel trade Company of original prescription pharmaceuticals in Europe. Over the last three years, the Company grew revenues by approximately 50% on average per year and gained significant market share across Europe. In 2017, Abacus Medicine generated revenues of EUR 253.1 million, an adjusted EBITDA[1] of EUR 9.9 million and an adjusted EBITDA margin[2] of 3.9%.
Abacus Medicine is pursuing a unique multi-market strategy with a focus on medium-to-high and high-priced pharmaceutical products in combination with a high volume of product licences.
To further leverage its proven platform, Abacus Medicine has embarked on two new, attractive high-margin growth businesses. Under its wholly-owned subsidiary Aposave ApS (“Aposave”), the Company has entered the supply of comparator drugs for clinical trials and trade with unlicenced medicine. An early stage proof of concept is already shown by the revenue Aposave is generating.
Over the past years, Abacus Medicine has shown strong financial performance, characterised by very robust margins and strong top-line growth. During the period of 2015 to 2017, revenues have grown by approximately 50% on average per year. In 2017, the Company generated revenues of EUR 253.1 million. Adjusted EBITDA[6] grew approximately 46.7% on average during the same period to EUR 9.9 million in 2017, corresponding to an adjusted EBITDA margin of 3.9%.
In connection with the IPO, the Company is currently anticipating a primary offer size of EUR 40 million and the sale of ordinary shares by existing shareholders, the amount of which is yet to be decided. Further ordinary shares will be made available by the selling shareholders pursuant to a customary greenshoe option. The targeted free float is planned to be around 50% post IPO. Lock-up periods will be six months for the Company, 18 months for selling shareholders and 12 months for employees entitled to shares under the Company’s warrant programme.
Additional information Berenberg and Commerzbank have been appointed as Joint Global Coordinators and Joint Bookrunners of the offering. Nordea will act as Joint Bookrunner.
DISCLAIMER This publication does not constitute an offer to sell nor a solicitation of an offer to buy or subscribe for any securities. No offer of securities of ABACUS MEDICINE A/S is being, or will be, made to the public outside Germany and Denmark. A prospective offer in Germany and Denmark would be made exclusively by means of a securities prospectus to be published and filed with the Danish Financial Supervisory Authority (Finanstilsynet). Such securities prospectus would at the appropriate time be made available free of charge at ABACUS MEDICINE A/S. The material set forth herein is for informational purposes only and does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States, Canada, Australia, Japan or any other jurisdictions in which such offer could be subject to legal restrictions. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the Securities Act), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering of securities will be made outside Germany and Denmark. In the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the Order) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as Relevant Persons). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. “Statements contained herein may constitute “forward-looking statements.” Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate,” “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on current expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Group’s or its industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. You should not place undue reliance on forward-looking statements and the Group does not undertake publicly to update or revise any forward-looking statement that may be made herein, whether as a result of new information, future events or otherwise.” This publication contains certain non-IFRS financial measures and ratios, including EBITDA and EBITDA margin, that are not required by, or presented in accordance with, IFRS. The Company presents these non-IFRS financial measures because they are used by its management for monitoring the Group’s business and management believes these non-IFRS financial measures facilitate an understanding of the underlying operating performance of the Group. The non-IFRS financial measures used by the Company, including inter alia EBITDA and EBITDA margin, are alternative performance measures as defined in the guidelines issued by the European Securities and Markets Authority (ESMA) on October 5, 2015 on alternative performance measures. The definitions of the non-IFRS financial measures may not be comparable to other similarly titled measures of other companies and have limitations as analytic tools and should not be considered in isolation or as a substitute for analysis of the Group’s operating results as reported under IFRS. [1] EBITDA is defined as operating profit before depreciations and amortisation. EBITDA adjusted for one-off costs in connection with the preparation of the IPO (EUR 0.4 million in fiscal year 2017). Unaudited and unreviewed. Excluding contributions from the divested DayDose business (see footnote 9 for a description of the contributions from the divested DayDose business), adjusted EBITDA came in at EUR 11.2 million in 2017. [2] Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue. Unaudited and unreviewed. Excluding contributions from the divested DayDose business, adjusted EBITDA margin came in at 4.4% in 2017. [3] Management report prepared by QVARTZ P/S, Ryesgade 3A, DK-2200 Copenhagen N, Denmark, dated August 8, 2018 (“QVARTZ Management Report”) which is based on data and information obtained from EFPIA, IQVIA MIDAS Quantum and expert interviews. [4] Grand View Research (2018) [5] Clinigen 2017 Annual report [6] EBITDA adjusted for one-off costs in connection with the preparation of the IPO (EUR 0.4 million in fiscal year 2017). Unaudited and unreviewed. Excluding contributions from the divested DayDose business (see footnote 9 for a description of the contributions from the divested DayDose business), adjusted EBITDA came in at EUR 11.2 million in 2017, while the adjusted EBITDA margin came in at 4.4%. [7] EBITDA adjusted for an exceptional inventory write-off in respect of a specific pharmaceutical product of EUR 0.5 million for the first six months of 2018 and one-off costs in connection with the preparation of the IPO of EUR 0.2 million for the first six months of 2018. Excluding contributions from the divested DayDose business (see footnote 9 for a description of the contributions from the divested DayDose business), adjusted EBITDA for the first six months of 2018 amounted to EUR 6.8 million, while the adjusted EBITDA margin came in at 4.2%. [8] Revenue includes revenue contribution of EUR -0.1 million for the first six months of 2018 and EUR 0.2 million and EUR 0.4 million for the fiscal years 2017 and 2016, respectively, which were related to exclusive producing, marketing and distribution activities carried out by the Company under the brand DayDose and in connection with the Company’s purchase of intellectual property rights related to DayDose in the fiscal year 2017, which have been divested on August 31, 2018. Unaudited and unreviewed. [9] EBITDA includes costs (staff costs) related to the divested DayDose business amounting to EUR 0.7 million, EUR 1.3 million and EUR 1.4 million in the first six months of 2018 and the fiscal years 2016 and 2017, respectively. [10] EBITDA adjusted for a one-off inventory write-off in respect of a specific pharmaceutical product of EUR 0.5 million for the first six months of 2018 and one-off costs in connection with the preparation of the IPO of EUR 0.2 million and EUR 0.4 million for the first six months of 2018 and the fiscal year 2017, respectively. Unaudited and unreviewed.
01.10.2018 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Abacus Medicine A/S |
Vesterbrogade 149 | |
1620 Copenhagen | |
Denmark | |
Phone: | +4570220212 |
E-mail: | info@abacusmedicine.com |
Internet: | www.abacusmedicine.com |
Listed: | Regulated Market in Frankfurt (Prime Standard) |
Notierung vorgesehen / intended to be listed. |
End of News | DGAP News Service |