Mabion to issue shares abroad, altering strategy

Biotech company Mabion will issue 5 million shares in a public offering carried out abroad, according to draft resolutions made during its shareholder meeting on Tuesday, the company said in a press statement. However, it wasn’t specific on the issuing location. “The shares will be issued in a public offering outside of Polish territory, including listing on the stock exchanges within Europe or in the United States,” part of the statement read. The issue price, according to the statement, will be at least 80 PLN. The Board may make an offer of up to 1 million shares in a private placement. The company’s strategic options were said to include obtaining financing on foreign markets and the listing of the company on a stock exchanges in other European countries, or in the United States. However, some of the pre-emptive rights of the shareholders will be excluded. “The company intends to use the proceeds from the IPO primarily for investments associated with increased production capacity, […] research and development related to the implementation of new drugs and for other operational expenses,” the board explained, to account for the deprivation of some rights. Shares in Mabion on Thursday were trading at just under PLN 87. Last year, the company signed an agreement giving it the exclusive right to sell the drug MabionCD20 in the European Union and the Balkan countries.