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Genmab IPO: What You Need To Know

Shanthi Rexaline

An OTC-listed large-cap biotech is seeking a main exchange listing, and it offers scope for investing in a proven biotech with two commercial partnered products on the market and more in the pipeline.

The IPO Terms

Copenhagen, Denmark-based GENMAB A/S/S ADR (OTC: GMXAY) has filed for offering 27.80 million American Depository Shares in an initial public offering with the price estimated at $18.11.

Each ADS share represents the right to receive one-tenth of an ordinary share. The shares of Genmab are currently listed on the Nasdaq Copenhagen and the ADSs on the OTC market in the U.S.

Genmab has applied for listing its ADS shares on the Nasdaq under the ticker symbol GMAB.

Bank of America Merrill Lynch, Morgan Stanley, Jefferies are the joint lead managers for the offering, while Guggenheim Securities and RBC Capital Markets are the co-managers.

The Company

Genmab is an international biotech company specializing in antibody-therapeutics for the treatment of cancer and other diseases. The two marketed partnered products are Darzalex for the treatment of certain indications of multiple myeloma and Arzerra for the treatment of certain indications of chronic lymphocytic leukemia.

The company has five proprietary product candidates in the pipeline and about 20 proprietary and partnered pre-clinical programs.

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Source: F-1/A filing

The Finances

Genmab's 2018 revenues climbed 28% to $455.28 million, and it reported 33% net profit growth to $221.55 million. Over the first three months of 2019 the company's revenues and net profit declined about 13% and 64%, respectively to $88.95 million and $10.87 million.

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