2000
PA Consulting Group supports first, simultaneous Nasdaq/Aim listing - for an Israeli Biotech start-up company, Keryx Biopharmaceuticals, Inc
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02 August 2000
PA Consulting Group has supported the first ever simultaneous NASDAQ/AIM listing of a biotechnology company. Israeli biotechnology company Keryx Biopharmaceuticals Inc announced today it has successfully gained admission to both stock markets and raised $46 million.
PA provided third party due diligence on the technological aspects, explaining the science in language that investors can understand. PA’s Independent Experts’ Report is included in the ‘harmonised’ issue document, designed to meet both US and UK listing requirements. The inclusion of such third party due diligence in an offer document is unique for an initial offering on the US stock market, although commonplace in London and European equity market offerings.
The simultaneous listing demonstrates the attractiveness of the London and New York capital markets to the growing number of biotechnology start-up companies in countries outside the USA and the UK.
Dr Keith Redpath, a member of PA’s management group, comments:
"This pioneering approach was lead by the investment bank WestLB Panmure and enabled, in part, through PA’s insights and abilities to communicate the science in a language that investors understand. The multinational approach presents Keryx to markets accustomed to biotech stocks and achieves maximum visibility for the company at this key stage of its development. Keryx’s initial offering on the major stockmarkets highlights the potential for countries beyond the traditional domain of Europe and the US to contribute to the worldwide market."
Keryx Biopharmaceuticals Inc applies data from the human genome to the discovery of new drugs, primarily aimed at treatment of certain types of diabetes and cancers. Its signal transduction approach allows more specific drug candidates to be designed in a shorter time.
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Notes to editors
- Keryx Biopharmaceuticals, Inc is an Israeli biotechnology company registered in Delaware, US, which generates drug candidates targeting protein kinases using data discovered through the mapping of the human genome. Its KinAce platform has produced 13 lead compounds in less than two years, eight of which have already produced positive results through in vivo tests. In addition to developing drug candidates with its KinAce platform, Keryx has obtained a license for sulodexide and is developing this drug for the treatment of diabetic nephropathy.
- PA Consulting Group is a leading management, systems and technology consultancy, with a unique commitment to the integration of these capabilities. Established almost 60 years ago, and operating world-wide from over 30 offices in some 20 countries, PA draws on the knowledge and experience of about 2,700 employees, whose skills span the initial generation of ideas and insights all the way through to detailed implementation, including:
- Strategic management, and managing for shareholder value
- Accelerating business growth, especially through innovation and technology
- Improving business design and performance, including customer relationship management, enterprise-wide systems for the supply chain, and full e-business solutions
- Mobilising human resources
- Delivering change effectively, including projects and programmes.
PA focuses on creating benefits for clients rather than merely proposing them, and this focus is supported by an outstanding implementation track record in every major industry and for governments around the world. PA also develops leading-edge technology both for its clients and within its own portfolio of venture companies in areas ranging from software to wireless technology to life sciences.
PA distinguishes itself from its competitors through the range and quality of its people, its development and use of technology, and also its independence. PA’s work in every area from strategic management to project delivery is enhanced by its expertise in all the other areas. PA’s consultants, whatever their special skills, all share:
- A highly commercial approach to clients’ problems and opportunities
- A technologically sophisticated view of both the industry sectors we serve and the solutions we deliver
- A culture of respect, collaboration and flexibility in working with our clients to achieve their aims.
Investment advice assignments are carried out through PA Strategy Partners Ltd which is part of PA Consulting Group. PA Strategy Partners is a wholly owned subsidiary of PA Holdings Ltd and is authorised to provide corporate finance advice by the Securities and Futures Authority.
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