Netherlands-based Argenx Raises $1.1 Billion in Global Offering Following Success in Clinical Trials

The immunology company Argenx announced the pricing of a global offering of public shares. The Dutch biotech company anticipates about $1.1 billion in total gross proceeds from the offering. The offering consists of both a U.S. offering and a private placement in Europe, with both transactions expected to close on July 24, 2023. 

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Argenx Successfully Raises $1.1 Billion for the Advancement of Immunology Therapies 

On July 18, Argenx disclosed the pricing details of a worldwide offering of ordinary shares in the form of American Depository Shares (ADSs). The global offering consisted of a simultaneous offering of ordinary shares in the U.S. and a private placement in Europe. Both are expected to close on July 24, subject to customary closing conditions. The expected proceeds of the sale are approximately $1.1 billion. The sale will consist of 1,580,981 ADSs and 663,918 ordinary shares. The ADSs will be sold at a price of $490.00 per ADS and the ordinary shares at €436.37 per share. 

The offering is being underwritten by J.P. Morgan, Morgan Stanley, Goldman Sachs & Co. LLC, BofA Securities, and TD Cowen. Furthermore, the underwriters have been granted the option of purchasing up to 336,734 ordinary shares for a period of 30 days. Argenx’s ADSs are listed on Nasdaq under the symbol “ARGX” and its ordinary shares on Euronext Brussels under “ARGX”. 

Argenx’s Journey in Treating Autoimmune Diseases

Argenx is a clinical stage biotechnology company focused on improving the lives of people suffering from autoimmune diseases through immunological solutions and antibody-based medicines. Currently, their pipeline is focused on developing therapies for rare diseases in the therapeutic areas of neurology, hematology/Rheumatology, dermatology, and nephrology. Their leading candidate is Efgartigimod, an antibody fragment that targets the FcRn receptor which is under clinical trial for its use as a treatment for severe autoimmune diseases. Their pipeline includes other candidates like ARGX-117, which targets C2, a protein that, when activated, leads to cell destruction, and ARGX-119 for neuromuscular indications. 

Argenx’s Efgartigimod is the first approved neonatal Fc receptor (FcRn) blocker in the U.S., E.U., UK, and China. Argenx is currently commercializing it after its approval for subcutaneous use for generalized myasthenia gravis (gMG) in the U.S. Efgartigimod has been shown to be able to bind to FcRn and block it. This results in a reduction of IgG antibodies as it competes with IgG to bind to FcRn. It has been shown to rapidly and consistently reduce IgG levels throughout its clinical trials.

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GeneOnline Team