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Movetis raises targeted €85 million in successful Initial Public Offering on Euronext Brussels

First significant size IPO in the European Life Sciences sector since early 2008 – Largest IPO in the Life Sciences sector on Euronext Brussels

Turnhout, Belgium 3rd December 2009 – Movetis, a European specialty pharmaceutical company focused on the discovery, development and commercialisation of proprietary, innovative and differentiated drugs for the treatment of diseases in the GI area with a high unmet medical need, announces today that it has successfully completed its Initial Public Offering (IPO) raising the targeted €85 million. Movetis will be listed on Euronext Brussels and will begin trading, as of tomorrow, 4th December 2009, under the ticker symbol “MOVE”.

The IPO was priced at €12.25 per share. Movetis will issue 6,938,776 new shares, equivalent to €85 million, as a result of the Offering. Additionally, 1,040,816 over-allotment shares, equivalent to €12.75 million, will be allocated. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to €97.75 million.

The IPO was led by Credit Suisse and KBC Securities as Joint Global Coordinators and Joint Bookrunners. Piper Jaffray acted as Co-Manager.

Dirk Reyn, CEO of Movetis commenting on today’s announcement said, “The funds that we have raised through our successful IPO will allow Movetis to support the commercialisation in selected countries in the EEA of Resolor® (prucalopride), our most advanced asset, for female chronic constipation patients who do not get adequate relief with their current laxative therapy. We believe that Resolor will have a major impact on the treatment of chronic constipation given the strong efficacy and safety data behind the product and the fact that this market has seen limited or no innovation over the last ten years. The funds will also enable us to work to expand or optimise the label and to develop and seek registration of Resolor for additional indications that could double its European patient population, and to invest in our pipeline of novel GI drug candidates for ascites and paediatric and adult reflux.

“Our ability to successfully complete the first significant size IPO in the European life sciences sector since early 2008 demonstrates investor confidence in the GI market, in Movetis’ strategy and in the potential of Resolor and our strong portfolio of GI products. Together with the full Movetis team, who helped to realise this success, I very much look forward to building a successful European specialty GI company which both improves the care of GI patients and delivers attractive value to its shareholders.”

Movetis is at an exciting point in its development. The Company is about to begin its direct commercial activities with the launch of Resolor. Movetis expects to launch Resolor in Germany in the first half of 2010 followed by the UK, the Netherlands, France, Belgium and Luxembourg. In addition, the Company intends to seek one or more partnership deal(s) in other markets of the European Economic Area, to ensure that Resolor reaches the large European population of female patients that visit their doctors for chronic constipation and are dissatisfied with their current laxative treatment.
Movetis gained EU approval for its lead product Resolor in October 2009 for symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief.
Offer Highlights

* The final IPO price was set at €12.25 per share and applies to both retail and institutional investors.
* The base offering was at the final IPO price approximately 1.5 times subscribed.
* Retail investors have been allocated 10% of the total number of allotted shares or 797,960 shares. Retail investors will be allocated 92% of their requested shares. All these shares are new shares with VVPR-strips.
* As a result of this IPO, Movetis raised €85 million in gross proceeds. Together with the existing shares, the number of outstanding shares (before the over-allotment option) amount to 19,994,359 representing a market capitalisation of approximately €244.9 million based on the IPO price.
* The Joint Global Co-ordinators have been granted an over-allotment option by Movetis, exercisable from the first day of trading and until 30 days thereafter. If the over-allotment option is exercised in full, the total amount of the capital increase will amount to €97.75 million.
* The shares and VVPR strips have been listed and will be trading on Euronext Brussels as of 4th December on an “as-if-and-when-issued-or-delivered” basis under the symbol “MOVE” (shares) and “MOVES” (VVPR strips). Delivery and payment of the Movetis shares is expected to be made on 8th December 2009. The closing of the offering and the delivery of the shares are subject to certain conditions and can be suspended or even be cancelled. Assuming closing of the offering occurs on 8 December, the shares will be listed unconditionally on Euronext Brussels as of 8th December 2009.

This announcement is being communicated (a) in the UK only to persons who are qualified investors as described in section 86(7) of the Financial Services and Markets Act 2000 and (i) have professional experience in matters relating to investments falling within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc”) of the Order; and (b) to persons outside the UK only where permitted by applicable law (all such persons together being referred to as “relevant persons'). This announcement is only directed at relevant persons and other persons should not rely on or act upon this announcement or any of its contents.

This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in Australia, Canada, Japan, or the United States or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or another exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. The offer and sale of the securities referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of Australia, Canada or Japan. There will be no public offer of the securities in the United States.
About Movetis

Movetis is a European specialty GI company that is focused on improving the lives of millions of patients – both adults and children – by discovering, developing and commercialising innovative treatments targeting GI conditions with a high unmet medical need. Movetis NV was founded in Belgium in November 2006 as a spin-off of Johnson & Johnson.

Movetis has a broad portfolio of GI products: Resolor® (prucalopride) is approved in the EEA for the indication “symptomatic treatment of chronic constipation in women in whom laxatives fail to provide adequate relief” and the marketing authorisation application is furthermore under review in Switzerland; two products are in Phase II development and Movetis has two prioritised compounds in preclinical development, all addressing important GI areas including ascites, paediatric reflux, refractory GORD (gastroesophageal reflux disease) and severe forms of irritable bowel syndrome. In addition, Movetis has rights to a large library of qualified lead compounds with potential for development in different GI indications and access to know how for compounds in secretory diarrhoea. The current portfolio is licensed from Janssen Pharmaceutica NV, Belgium and Ortho-McNeil Pharmaceutical Inc., two Johnson & Johnson companies.

For further inquiries, please contact:

Ingrid Jansen

Citigate Dewe Rogerson
David Dible/Chris Gardner/Amber Bielecka
+44 (0) 207 638 9571

Publisher Contact Information:

Movetis NV

Company profile of Movetis NV
Past press releases of Movetis NV.


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