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AAA’s $900m IPO boosts HBM’s NAV per share

The public market flotation of Advanced Accelerator Applications (AAA) on Nasdaq in November 2015 has raised Net Asset Value for its listed private equity backer, HBM Healthcare, by CHF 5.20, an increase of 4.2%. AAA, which is the largest investment in HBM’s portfolio, raised $75 million in new capital through the issuance of 4.7 million American Depositary Shares at a price of $16.00 under the ticker 'AAAP'. Shares closed the first trading day at USD 24.50 (+53.1%), which values the company at a market capitalisation of around $900 million.

HBM Healthcare Investments acquired a total of 3.2 million ADS at an average price of USD 11.25 in spring 2014 and summer 2015. HBM's holding has been increased by a further 0.3 million ADS, for a sum of USD 4.8 million in the IPO. Following the IPO, HBM Healthcare Investments thus holds around 3.5 million ADS at a total value of USD 85.3 million, which corresponds to a 9.4% stake in the company. The going public of AAA raises the net asset value per HBM share by CHF 5.20 (+4.2%).

AAA is a radiopharmaceutical company that develops, produces and commercialises innovative diagnostic and therapeutic products. The company develops Lutathera®, a drug to treat patients with advanced mid-gut neuroendocrine tumours. Pivotal phase- III results published at the end of September showed a statistically significant improvement in progression free survival of patients treated with Lutathera® compared to standard therapy Octreotide LAR®. The company expects to submit a new drug application (NDA) in the United States and a marketing authorization application (MAA) in the European Union by the end of the first quarter 2016.

AAA currently has 17 production and R&D facilities able to manufacture both diagnostics and therapeutic molecular nuclear medicine products, and currently has over 380 employees in 11 countries (France, Italy, UK, Germany, Switzerland, Spain, Poland, Portugal, Israel, US and Canada). In 2014 AAA reported sales of €69.9 million (+29.9% vs. 2013)