Deals & Cases

Homburger advised the Underwriters in the USD 99.9 m Rights Offering and Public Offering by AC Immune SA

On July 17, 2018, AC Immune SA (the Company), a Swiss-based, clinical-stage biopharmaceutical company focused on neurodegenerative diseases (NASDAQ: ACIU), announced the successful placement of new shares in the amount of USD 99.875 m. The offerings closed on July 23, 2018.

The offering of up to 8.5 m newly issued common shares consisted of an SEC-registered subscription rights offering to the Company’s eligible shareholders and a simultaneous SEC-registered public primary offering to institutional investors of any common shares offered to, but not subscribed for by, eligible shareholders in the subscription rights offering.

Based on an accelerated book-building, the offering price was set at USD 11.75 per share. On July 19, 2018, the underwriters exercised the green shoe in full. This resulted in gross proceeds of approximately USD 99.875 m.

Jefferies LLC, Leerink Partners LLC and UBS Investment Bank acted as joint book-running managers, H.C. Wainwright & Co. acted as lead manager for these offerings.

Homburger acted as Swiss counsel to the underwriters. The Homburger team was led by partner Dieter Gericke (Corporate and Capital Markets) and Benjamin Leisinger (Capital Markets) and included counsel Micha Fankhauser and associate Margrit Marti (both Corporate). Counsel Peter Müller (Tax) provided tax advice.