June 3, 2020 / 8:53 AM / a month ago

Hyloris targets first Euronext Brussels debut since early 2019

June 3 (Reuters) - Belgium’s Hyloris Pharmaceuticals said on Wednesday it plans an initial public offering on the Euronext Brussels in what would be the first Belgian listing since early 2019 and one of the few opportunities in the IPO market hit by the coronavirus crisis.

Hyloris, which develops new formulations of existing drugs, aims to raise funds to finance the development of its existing portfolio of product candidates and establish a commercial infrastructure in the United States, the company added.

“Going public will be an important step forward in Hyloris’ journey, as we seek to drive the development, commercialization and expansion of our strong pipeline,” Chairman of Hyloris, Stefan Yee said in a statement.

The company said it would specify the timing, pricing and the amounts it aimed to raise at a later date.

In April, Hyloris raised 15 million euros ($16.81 million) in a funding round, supported by a mix of new and existing investors including Scorpiaux, Noshaq, Saffelberg Investments and Nomainvest.

In May, the world’s no. 2 maker of packaged coffee JDE Peet raised 2.25 billion euros in Europe’s biggest initial public offering in 2020, but the number of new IPOs is expected to be low this year.

$1 = 0.8922 euros Reporting by Pawel Goraj Editing by Tomasz Janowski

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