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Lion Seeks to Raise up to $189M in IPO

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German bioinformatics company Lion Bioscience plans to raise 160 million euros to 200 million euros ($155.6 million - $189.4 million) in an initial public offering that will take place in Germany and the United States.

The company said it would issue a total of 4.57 million shares on the Neuer Markt and on the Nasdaq in the form of American depository shares. The offering is scheduled to take place on July 26.

Company executives are currently on a roadshow in Europe and the United States to promote the offering.

Morgan Stanley Dean Witter is the global coordinator and bookrunner for the offering. Deutsche Bank is serving as joint lead manager.

Lion has filed a registration statement with the US Securities and Exchange Commission. However, the SEC does not publish the statements of foreign companies seeking a dual-listing, and the prospectus could not be obtained prior to BioInform’s publication.

In a statement, Lion said the net proceeds would primarily be used to provide new funding for the company while an undisclosed portion of the proceeds would be used to repay short-term debt.

The company, which received a 5-year, $100 million investment from Bayer a year ago, expects to become profitable in four years. Revenues for the fiscal year ending March 2000 totaled 9.8 million euros.

In exchange for its investment, Bayer received an 11 percent equity stake in Lion. Bayer’s investment was used to establish a new bioinformatics research center in Cambridge, Mass., which Lion will own for a total of five years. Thereafter, Bayer has the option to merge the unit into its own company.

— Jennifer Friedlin

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