22 März 2017

Sofinnova Partners announces the successful IPO of Avantium, a front runner in renewable chemistry, which raises €103 M on Euronext

Funds raised will be used to further commercialise Avantium’s inventions into viable production processes

Paris, France – March 14th. 2017. Sofinnova Partners, a leading European venture capital firm specialized in Life Sciences, today announced the successful initial public offering of Avantium which raised €103 M on Euronext Amsterdam and Euronext Bruxelles. Sofinnova Capital VI remains the main shareholder after the IPO. The initial public offering was multiple times oversubscribed.

  • Actively backed by international investors, the IPO was multiple times oversubscribed.
  • Avantium’s market capitalisation reaches €277 M after capital increase of €103 M
  • Avantium’s IPO is a strong endorsement of Sofinnova Partners strategy in Industrial Biotech and Renewable Chemistry

Based in Amsterdam, Avantium is a pioneer company specialized in renewable and sustainable chemicals which develops efficient processes and sustainable products made from biobased materials. Avantium offers a breeding ground for revolutionary renewable chemistry solutions. From invention to commercially viable production processes. One of Avantium’s many success stories is the YXY technology to produce PEF: a completely new, high-quality plastic made from plant-based industrial sugars. PEF is 100% recyclable. It offers a cost-effective solution for applications ranging from bottles to packaging film and fibres, positioning it to become the next generation packaging material.

Funds raised will be used to further commercialise Avantium’s inventions into viable production processes. This will start with the commercialisation of the YXY technology, in joint venture with BASF, by building the first commercial scale reference plant for FDCA. This is an important step in Avantium’s strategic development to become a world leader in renewable chemistry. Avantium has a proven capacity to attract renowned global partners throughout the entire value chain, such as The Coca-Cola Company, Danone, Toyobo, ALPLA and Mitsui. Besides the YXY technology, the company is working on other projects which for some have reached or entering pilot plant stage.

Denis Lucquin, Managing Partner at Sofinnova Partners and Avantium Board member since 2011 declares: « Avantium has completed one of the most successful IPOs in this emerging and promising renewable chemistry sector. This success comes just a few weeks after Sofinnova Partners announced the first closing of its Sofinnova IB I Fund entirely dedicated to renewable chemistry, and fully validates our vision and strategy. As lead investor, and still main shareholder after the IPO, we are extremely pleased with this listing. It confirms investors’ confidence in the team’s talent and ability to transform a visionary project into a performing global company ».

Avantium issued 9,401,793 shares allowing a capital increase of €103 M. On this basis at €11 per share, Avantium’s market capitalization reaches €277 M. Trading will begin on March 15th 2017 on Euronext Amsterdam and Euronext Bruxelles under the symbol AVTX. Please refer to the company’s press release (www.avantium.com) for additional information on the listing.

Source: Sofinnova Partners, press release, 2017-03-14.

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