BERLIN, Oct 11 (Reuters) - German biotech company Probiodrug (IPO-PROB.AS), a developer of treatments for Alzheimer's disease, aims to raise up to 32 million euros ($40 million) with its proposed listing on the Euronext exchange in Amsterdam.
Despite faltering investor appetite for recent listings in other sectors, Probiodrug is banking on continued strong interest in biotech and announced late on Friday that it will offer up to 1.7 million new shares at an indicative price range of between 15.25 euros and 19 euros per share.
Probiodrug is working on drugs to slow or halt the progression of Alzheimer's, as opposed to available treatments that mainly address the symptoms of cognitive decline.
The company said the offering will run from Oct. 13 until Oct. 23, with its market debut on or around Oct. 27.
Existing shareholders, including Edmond de Rothschild Investment Partners, BB Biotech and Biogen Idec , have committed to invest a combined total of about 15 million euros, the company said.
Kempen & Co is acting as sole global coordinator and bookrunner while Petercam has been appointed as co-bookrunner and Close Brothers Seydler Bank as selling agent. (1 US dollar = 0.7920 euro) (Reporting by Victoria Bryan; Editing by David Goodman)