Pava Partners exclusively advised Medartis and the Board of Directors on the IPO on the SIX Swiss Exchange and the previous IPO financing.

Overview of the transactions

• Medartis completed its IPO on the SIX Swiss Exchange on March 23, 2018; the shares are traded under the ticker symbol “MED”.
• The IPO volume amounts to CHF 142.6 million (incl. greenshoe), consisting exclusively of primary shares.
• Parallel to the IPO, Medartis issued new shares to the creditors of convertible loans taken out in December 2017 in the amount of CHF 59 million to repay original shareholder loans.
• The market capitalization at IPO amounts to CHF 563 million.
• The proceeds from the IPO will be used to expand international sales, develop the product portfolio and for any acquisitions and other investments.
• The underwriters are Zürcher Kantonalbank and Bryan, Garnier & Co. as well as Kepler Cheuvreux as co-manager. Vischer acted as legal counsel to the issuer, Davis Polk assisted in US securities law matters and Walder Wyss acted as legal counsel to the underwriting syndicate.

Significance of the transactions

• The roadshow and the offering in Europe and the US (Rule 144A) attracted a high level of interest from major institutional investors, both generalists (asset managers, investment funds) and healthcare specialists.
• The IPO was extraordinarily successful, with the offering being fully subscribed on the first day and many times oversubscribed at the end of the 8th and last day of the short subscription period.
• With a post-money valuation of CHF 563 million, Medartis was able to achieve an attractive valuation.
• The pre-IPO financing round accompanied by Pava Partners had already attracted great interest from major institutional investors. It was ultimately concluded with Schroder & Co Bank AG, Landolt & Cie SA and Endeavour Medtech Growth LP.

Pava Partners

• acted as exclusive financial and IPO advisor to Medartis and its Board of Directors
• organized and supported the IPO process
• developed a comprehensive package of management and financial documents to present Medartis’ offering to potential underwriters
• led the pre-IPO financing transaction, the issuance of convertible bonds in December 2017, which was completed in parallel to the IPO with the conversion into shares.

About Medartis

Medartis was founded in 1997 by its current Chairman of the Board of Directors, Dr. h.c. Thomas Straumann, who also established the market leader for dental implants, the Straumann Group, in its current form following the spin-off of the osteosynthesis division (Synthes) in 1990.

Thomas Straumann will remain the main shareholder of Medartis after the IPO.

Medartis, headquartered in Basel, Switzerland, is one of the world’s leading manufacturers and suppliers of medical devices for surgical fixation of bone fractures and osteotomies for the craniofacial region as well as for the upper and lower extremities. Medartis employs over 480 people at 11 locations and its products are distributed in 44 countries worldwide. Medartis is committed to providing surgeons and operating room staff with the most innovative titanium implants and instruments and first-class services that embody the most advanced technologies in osteosynthesis for the benefit of patients.

About the Underwriters

Zürcher Kantonalbank (ZKB) is the largest cantonal bank and fourth largest bank in Switzerland as well as the leading financial services provider in the greater Zurich area with total assets of over CHF 150 billion. ZKB is an independent institution under public law and is wholly owned by the Canton of Zurich.

Bryan, Garnier & Co. GmbH is an investment bank specializing in European growth companies. The bank provides asset management, corporate finance, sales and trading services to companies, venture capitalists, institutional investors and private clients. The company’s corporate finance practice includes private equity placements, IPOs and mergers and acquisitions.

Kepler Cheuvreux SA, an independent European financial services company, specializes in investment management advisory and brokerage services. It provides equity research, equity sales and trading, ETFs and corporate brokerage for global institutional investors as well as research and execution services for the Crédit Agricole Group’s retail networks.