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Abacus Medicine postpones launch of IPO in light of volatile market conditions
Copenhagen/Frankfurt, 31 October 2018 - European pharmaceutical parallel trade company Abacus Medicine A/S ("Abacus Medicine" or the "Company" and together with its fully consolidated subsidiaries, the "Group"), and its majority shareholder, Wagner Family Holding ApS have today decided to postpone the launch of its planned Initial Public Offering (IPO) due to the currently uncertain conditions in the capital markets. The Company had previously announced that it was planning to list on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange before the end of 2018.
Mr. Flemming Wagner, CEO and co-founder of Abacus Medicine, said: "In light of the current, volatile markets we believe that it would not be in the best interests of either Abacus Medicine or its shareholders to proceed with the Initial Public Offering at this point in time.
For this reason, we have today after thorough consideration and consultation with our advisors decided to postpone our planned IPO until the market environment is more favorable again."
Flemming Wagner added: "The underlying drivers of our business remain positive. Abacus Medicine is well-positioned for continued growth thanks to our unique product and multi-market strategy supported by strong capabilities in licensing and data analysis."
A history of strong, organic growth
Abacus Medicine is according to own estimates the fastest growing company in the European pharmaceutical parallel trade industry.
Over the past years, Abacus Medicine has shown strong financial performance, characterised by high, organic growth with profitability at robust margins. During the period of 2015 to 2017, revenues grew by approximately 50% on average per year. The steep growth trajectory continued in the first six months of 2018 with revenue growth of approximately 42% compared to the first six months of 2017.
For Fiscal Year 2018 the Company expects an increase of revenues by 25% to 35% which corresponds to revenues between EUR 315 million and EUR 345 million. The Company furthermore expects EBITDA in the range of 3.4% to 3.9% of revenue.
Berenberg and Commerzbank act as Joint Global Coordinators and Joint Bookrunners. Nordea acts as additional Joint Bookrunner.
[1]Â Formerly Abacus Medicine Holding ApS; owned and ultimately controlled by Flemming Wagner (Chief Executive Officer) and his family.
Media and Investor Relations Contact
In Denmark:
Abacus Medicine
Ole Lindhardt
Head of Communications
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Impact Partners
Per Bech Thomsen
Partner
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In Germany:
FTI Consulting
Carolin Amann
Managing Director
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FTI Consulting
Anja Meusel
Director
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31.10.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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