New Enterprise Associates invests into SIX Swiss Exchange listed Addex Therapeutics Ltd
Niederer Kraft Frey advises New Enterprise Associates (NEA) as lead investor in connection with Addex Therapeutics Ltd.’s (Addex) CHF 40 million non-preemptive capital increase. Addex issued a total of 13,037,577 new registered shares at a subscription price of CHF 3.13 per new share. Each new registered share received a 7-year warrant to purchase 0.45 of a share at a purchase price of CHF 3.43. Lead investor NEA participated in the capital increase on the basis of a selective opting-out clause newly adopted by the shareholders‘ meeting of Addex pursuant to which NEA is specifically exempted from the duty to make a public tender offer during a period of five years. The Swiss Takeover Board confirmed the validity of the selective opting-out clause by decision published on 20 March 2018. Trading in the new shares commenced on 28 March 2018.
New Enterprise Associates is one of the world’s largest venture capital firm investing in healthcare and technology. Addex Therapeutics Ltd whose shares are SIX listed, is a Swiss based biopharmaceutical company focused on the development of oral allosteric modulators for neurological disorders. The gross proceeds of the capital increase will be used to advance Addex’s portfolio of drug candidates, including registration studies for lead programme, dipraglurant, for levodopa-induced dyskinesia associated with Parkinson’s disease.
The NKF team was led by Capital Markets partners Thomas M. Brönnimann and Philippe Weber working with Tax partner Markus Kronauer, Andrea Rüttimann, senior associate and Alexander Göbel, junior associate.