UPDATE 1-Denmark's Serendex plans Norwegian market listing

Tue Apr 8, 2014 7:22am EDT

Related Topics

* Biotech company Serendex to list in Oslo

* CEO says aims for market debut on June 20 (Adds more comments from CEO, background)

By Shida Chayesteh

COPENHAGEN, April 8 (Reuters) - Serendex Pharmaceuticals plans to sell its shares on Norway's stock exchange to help fund the development of its treatments for respiratory diseases, the chief executive of the Danish biotech company said.

Kim Arvid Nielsen said On Tuesday that the company plans to list its shares on the Oslo stock exchange in June, adding to a strong pipeline of initial public offerings (IPOs) across the Nordic region.

Other Nordic companies waiting to list, encouraged by buoyant equity markets, include Scanship Holding and Avance Gas .

Nielsen said Serendex's IPO is expected to consist of an issue of new shares, but declined to say how much the company aimed to raise.

He said Serendex, which expects to launch its first product in two years' time after making a loss last year, was aiming for a valuation of around 125 million euros ($172 million).

Nielsen said raising money was easier in Norway, whose well-established shipping industry attracts international investors, than in other Nordic countries. "The reason (for choosing Oslo) is, they have a strong inflow of money," Nielsen said.

Listing the company would help move some of its early-stage treatments into the crucial commercial phase of development, he said.

Serendex has 80 shareholders in total, the largest being Danish investment company Sorana, which holds 42 percent of the share capital. BioPharma Holding ApS has 16.4 percent and Danish Medical Consult ApS holds 5 percent.

Serendex said it is aiming to launch the IPO on May 7 with a view to the shares making their market debut on June 20.

Norne Securities will act as financial advisor.

In 2013, Serendex had a pretax loss of 5.3 million Danish crowns ($975,500) and a net worth of 6.1 million crowns, down from 10.8 million the year before. ($1=0.7277 euros) ($1 = 5.4329 Danish Crowns) (Editing by Erica Billingham)

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