AGI completes dual IPO

AGI Therapeutics, an Irish speciality pharmaceutical company, has held a dual float on the London Stock Exchange’s Alternative Investment Market (AIM) market and the IEX market of the Irish Stock Exchange, raising €42.5m. With a share price of €1.26 per share, it reached an opening day market capitalisation of approximately €85m.

AGI is backed by ACT Venture Capital, Seroba BioVentures, Delta Partners and Merlin Biomed Group. All four got involved in the company’s one and only funding round, participating in a May 2004 fundraising, led by ACT, which saw AGI receive €3.5m of investment. All the shareholders are subject to a 12-month lock-in period.

The Dublin-based business is a speciality pharmaceutical company focused on the development and commercialisation of differentiated drug products for gastrointestinal diseases and disorders. It has six clinical stage product candidates, five of which are in Phase II trials.