demand has already outstripped the original
US$150m target.
The fund launched the capital increase
the previous week to fund further
investments and diversify its portfolio.
Biopharma Credit offers exposure to life
sciences through loans to pharmaceutical
COMPANIESûANDûlNANCIALûINSTRUMENTSû
related to the sales of their products.
The new shares will be priced at
US$1.025 each, representing a 2.85%
premium to the ex-dividend September 30
NAV. The company had originally said that
at least 146.34m shares would be issued.
The timetable for the placing remains
the same, with subscription running until
October 31 and results due on November 1.
JP Morgan is global coordinator and joint
bookrunner with Goldman Sachs and
Canaccord Genuity.
IMPACT HEALTHCARE EYES £150m
FUNDRAISING
IMPACT HEALTHCARE REIT is considering an
equity fundraising of £150m to fund the
acquisition of a UK care-home portfolio.
Negotiations have already reached an
advanced stage for the acquisition, which
would bring the fund £12m in rent every
year and add 2,500 beds to its books.
The company will meet shareholders
and publish a prospectus over the coming
weeks.
It has already deployed most of the
£240m of equity and debt raised since its
March 2017 IPO, which brought in primary
proceeds of £160m.
The fund focuses on acquiring and
developing healthcare real estate assets in
the UK, then leasing them to healthcare
operators.
The company will appoint 7INTERmOODû
and RBC as joint bookrunners for the
placing.
ENQUEST RAISES £107m FOR OILFIELD
ACQUISITION
UK-based oil and gas company ENQUEST
secured 95.51% take-up for its £107m
rights issue.
Shareholders subscribed to 485.5m
shares, leaving 22.8m for a rump placing
by Bank of America Merrill Lynch and JP
Morgan.
Shares in the three-for-seven rights issue
were sold at 21p each, representing a 37%
discount to TERP of 33p. EnQuest shares
were trading at 29.4p each by midday on
Monday in London before a close of 29.15p.
Rump pricing came well into the evening on
Monday at 28p.
EnQuest is also listed in Stockholm, where
the rights price was set at SKr2.42 per share.
Around US$100m of the proceeds will
PART
FUNDûAû53MûOILlELDûACQUISITIONû
from BP. A further US$27m will be used to
drill two new wells.
Double A, owned by EnQuest chief
executive Amjad Bseisu’s extended family,
ANDûTRUSTEESûOFû%N1UESTSûEMPLOYEEûBENElTSû
trust committed to subscribe to their share
of the rights issue, together representing
13% of the pre-money share capital, or
154.8m shares.
The remainder was fully underwritten by joint
bookrunners BAML and JP Morgan for a 2.7% fee.INPP PLACING SWELLS TO £116mInvestment company INTERNATIONAL PUBLIC
PARTNERSHIPS raised £116m in a placing,
surpassing its original target.
INPP had originally aimed for £75m, but
demand from existing shareholders allowed
proceeds to rise to £116m, where the deal
was capped.
The fund will use the proceeds to pay
down £72.8m of its drawn corporate debt,
which includes £47m in funding for the
Dudgeon offshore wind project, off the
North Norfolk coast.
The rest of the cash will be pumped into
INPP’s £200m pipeline of near-term
investment obligations.
A total of 76.1m new shares were sold at
152.5p each, representing a premium to
NAV and a tight 1.4% discount to the
October 9 close of 154.6p, the evening
before the placing was announced.
INPP shares closed at 152.4p on Thursday.
Numis was sole bookrunner.TARGET HEALTHCARE SHOOTS FOR
£40m IN PLACINGTARGET HEALTHCARE REIT is targeting £40m in a
placing, to continue its growth strategy and
increase its share liquidity.
The care-home-focused fund will issue
36.7m new shares at 109p each,
representing a 4% discount to the October
23 closing share price of 113.5p.
The shares come at a premium of 2.7% to
the company’s last reported EPRA NAV per
share, which was 106.1p on September 30.
The placing will run until November 7,
and results are due the following day.
Target’s investment pipeline totals £79m:
this includes £51m in acquisitions to be
completed by the end of November, and a
further £28m in acquisitions to which it will
commit by the end of the year.
Since listing on the London Stock Exchange in
2013, Target has delivered a total shareholder
return of 52%. The fund’s portfolio consists of 58
care homes let to 21 different tenants, and was
valued at £404m at the end of September.
Stifel is bookrunner on the placing.LXI DEPLOYS RECENTLY RAISED FUNDSReal estate investment trust LXI REIT has
ACQUIREDûlVEûPROPERTIESûFORûaMûANDûISû
in legal discussions for further purchases
that will fully deploy the £175m
fundraising that was completed earlier this
month.
Any further acquisitions are likely to
require another fundraising.
The recent fundraising was upsized
from an original target of £100m and was
managed by Peel Hunt and Bank of
America Merrill Lynch.ORCHARD RX SEEKS NASDAQ FLOATORCHARD RX, a London-based gene therapy
company, plans to raise up to US$213m
from a Nasdaq IPO.
JP Morgan, Goldman Sachs and Cowen are
marketing 13.3m American depositary
shares at US$14-$16 each for pricing on
October 30.
The deal is potentially one of this year’s
biggest biotech IPOs in the US, behind the
US$372m IPO of ALLOGENE THERAPEUTICS
earlier this month and RUBIUS THERAPEUTICS’
US$277m IPO in July.
Though there is no indication of insider
participation on the prospectus cover, the
deal was already two-thirds covered at
launch, bankers told IFR.
Orchard paved the way for its IPO in
August, when it raised US$150m from a
late-stage private placement.
The so-called crossover round was
ANCHOREDûBYû$EERlELDû!SSETû-ANAGEMENTû
and included other institutional investors
that are known for commingling their
public and private biotech investments.
Orchard is marketing its IPO at up to a
1.5-times step-up from the US$10.76
equivalent crossover price.
Top shareholders F-Prime Capital
(Fidelity’s venture capital arm) and drug
company GlaxoSmithKline did not
participate in the crossover and were
diluted to 29% and 18% respectively.
GSK handed over its gene therapy
platform to Orchard in April in return for
£10m in cash and a 19.9% equity stake. The
deal made Orchard a global leader in gene
therapy.
Acquired assets included Strimvelis, an
EU-approved gene therapy for Severe
#OMBINEDû)MMUNEû$ElCIENCYû3#)$ ûAû
disorder popularly portrayed in the 1970s
John Travolta movie “The Boy in the Plastic
Bubble”.
Orchard also acquired rights to two late-
stage treatments for rare paediatric diseases
as well as three preclinical drugs that GSK
developed in collaboration with San Raffaele
Hospital of Milan.EQUITIES EMEA