Successful debut on the stock exchange for HBM portfolio company Longboard Pharmaceuticals Montag, 15. März 2021 - 06:46

HBM Healthcare Investments AG / Key word(s): IPO

Successful debut on the stock exchange for HBM portfolio company Longboard Pharmaceuticals

15-March-2021 / 06:46 CET/CEST

Release of an ad hoc announcement pursuant to Art. 53 KR

The issuer is solely responsible for the content of this announcement.

Longboard Pharmaceuticals (Nasdaq: LBPH), a private company in the portfolio of HBM Healthcare Investments, completed its IPO last Friday. The company raised USD 80 million in new capital by issuing 5 million shares at a price of USD 16.00 each. On the first day of trading, the share price closed at USD 16.65 (+4.1%).

HBM Healthcare Investments invested USD 10 million in Longboard Pharmaceuticals in October 2020 and increased its stake by a further USD 8 million in the IPO. Following the IPO, HBM Healthcare Investments holds 1.88 million shares with a total value of USD 31.3 million.

Longboard Pharmaceuticals focuses on the development of novel, transformative drugs for neurological diseases. The most advanced compound, LP352, an oral, centrally acting 5-HT2c superagonist, is being tested for the potential treatment of developmental and epileptic encephalopathies such as Dravet syndrome, Lennox-Gastaut syndrome and other epileptic disorders.

End of ad hoc announcement