S&C client Dermapharm Holding SE, headquartered near Munich, Germany, completed its initial public offering with a total placement volume of approximately €375 million (approximately $460 million), based on an offer price of €28.00 per share (corresponding to an initial market capitalization of Dermapharm Holding SE of approximately €1.5 billion (approximately $1.84 billion)).
Dermapharm is a leader in branded pharmaceuticals for selected markets in Germany with an expanding international footprint. It applies formulation and development expertise to the development, manufacture and marketing of a broad assortment of branded pharmaceuticals that are no longer patent protected, holding approximately 900 marketing authorizations (Arzneimittelzulassungen) for more than 200 APIs. Dermapharm also offers a growing portfolio of other healthcare products such as cosmetics, food supplements, dietary products and medical devices. In addition, Dermapharm leverages its direct marketing expertise by importing pharmaceuticals from other EEA Member States for resale in the German market in order to profit from pricing differences between these markets.
The transaction consisted of public offerings in Germany and Luxembourg and private placements to institutional investors in other jurisdictions, including the United States in reliance on Rule 144A. The offering comprised both newly issued shares in Dermapharm Holding SE as well as existing shares offered by the sole shareholder Themis Beteiligungs-Aktiengesellschaft. As part of the offering, all shares of Dermapharm Holding SE were admitted to trading on the regulated market of the Frankfurt Stock Exchange (Prime Standard).
The S&C team, which provided German and U.S. legal advice to the issuer, was led by Carsten Berrar and Krystian Czerniecki and included Felix Ganzer and Philipp Hartmann. Lars Rueve advised on certain special matters.