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Innate Pharma SA Raises EUR 20.3 Million in Private Placement

Wednesday, 20 Nov 2013 02:00am EST 

Innate Pharma SA announced the completion of a private placement directed to United States-based specialist institutional investors. The gross amount raised is EUR 20.3 million corresponding to 7.6 million new ordinary shares which will be issued. The subscription price of each new share is EUR 2.67, which was the volume-weighted- average-price of the previous three trading sessions preceding the closing of the private placement on November 19, 2013 and a 4% discount on the closing price on November 15, 2013, the trading day before the announcement of the launching of the offering. The capital increase was placed entirely with United States-based institutional investors specializing in the sector including funds managed by QVT Financial LP and Redmile Group. Through this offering, OrbiMed acquired more than 5% of the share capital of Innate Pharma SA.