The Mechelen-based biotech company Biocartis starts its IPO adventure. The demand for shares was 6,5 times higher than the offer. Biocartis gathered 100 million euros with an offer of 8,7 million shares at 11,5 euro per share. This was the upper limit of the previously determined price range. The operation values the company at 450,2 million euro.
With the income of the IPO, Biocartis wants to develop more tests for its Idylla-system. This system is a small diagnostic tool that is able to perform tests in couple of hours which, using current techniques, usually take a couple of weeks to complete. At the launch of Idylla in September last year, the first test that was released can be used to screen for melanoma. Biocartis is also developing a rapid diagnostic test for Ebola. Peter Piot will be a member of Biocartis’ board of directors.