Billionaire Paulsen's PolyPeptide Group plans Swiss IPO to fund growth (updated)

BACHEM HOLDING AG

12/04/2021 10:36

* Billionaire Paulsen's foundation to float 40% of shares
    * Eying expansion in oligonucleotides, anti-cancer
immunotherapy
    * New CEO to take over with IPO

 (Adds details, comment from CEO)
    By John Miller
    ZURICH, April 12 (Reuters) - PolyPeptide Group, controlled
by a foundation of Swedish billionaire adventurer Frederik
Paulsen Jr., said Monday it plans to list a 40% stake on the
Swiss stock exchange to finance the contract drug maker's
growth.
    The company, which makes ingredients for U.S.-based Novavax
Inc's  NVAX.O , COVID-19 vaccine candidate, plans to list in the
second quarter.
    It plans to place existing shares and a primary offering,
with some proceeds to go for potential acquisitions. 
    PolyPeptide is eyeing "adjacent" business areas, in not only
oligonucleotides that can be used in genetic diseases as well as
personalised neoantigen cancer immunotherapies, outgoing Chief
Executive Jane Salik said in an interview.
    "There could be acquisitions within our business area as
well as in some of the adjacent areas," Salik, a board member
and 25-year veteran of PolyPeptide based in California, said.
"It just gives us a lot more flexibility and opportunities to
expand more rapidly."
    The company will get a new CEO, Raymond De Vre, after the
IPO. 
    It would join peptides maker Bachem  BANB.B , PolyPeptide's
biggest competitor, on the Swiss exchange.
    PolyPeptide has six facilities in Europe, the United States
and India, with 900 employees and 2020 revenue of 223 million
euros ($265 million).
    Paulsen in 2007 co-piloted a Russian submersible to the
seabed below the North Pole and flew an ultralight aircraft from
Alaska to Russia. https://reut.rs/3a4fTQW
    He is not on PolyPeptide's board, but will remain an owner
via his Foundation Mamont, which also makes Siberian vodka and
finances polar expeditions. Paulsen is Russia's honorary consul
in Lausanne, Switzerland.
    He is also chairman of Ferring Group, focused on
reproductive health and gastroenterology, and is on
cigarette-maker Philip Morris International's board.
    Credit Suisse, Morgan Stanley and BofA Securities are the
IPO's joint global coordinators and bookrunners. Berenberg,
Danske Bank and Zürcher Kantonalbank are acting as bookrunners.
Rothschild & Co is advising PolyPeptide.
   ($1 = 0.8414 euros)

 (Reporting by John Miller; editing by Gerry Doyle and Jason
Neely)
 ((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))