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Thursday, April 18, 2024

Garrigues helps Vytrus Biotech prepare for BME Growth listing

Garrigues has advised biotech company Vytrus Biotech with the preparation of its debut on BME Growth

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Vytrus Biotech, a company specialising in plant stem cell-derived active ingredients for the cosmetics industry, is finalising the procedures for its debut on the alternative stock market in the coming months.

The biotech company intends to make its debut on BME Growth in the form of listing with GVC Gaesco Securities as Registered Advisor and Liquidity Provider, and Garrigues and IMB Grup as Legal advisors, while waiting for BME Growth to give the approval for the incorporation to the alternative market.

The Coordination and Admissions Committee of BME Growth has submitted to the Board of Directors a favourable report following a thorough review of all the information presented by the company.

The company’s Board of Directors has taken a price of €1.72 per share as the reference for the start of trading, giving the company a total valuation of €12.2 million. This price coincides with that agreed in the latest corporate transactions carried out by the company just before its coming to market.

Founded more than 12 years ago by Albert Jané, a biotechnologist and biochemist with a Master’s degree in Pharmaceutical Sciences, and Òscar Expósito, a biologist and PhD in Plant Biotechnology, current CEOs, Vytrus has increased its turnover by 65% during 2021 to €2.8 million compared to 2020, which represents an increase in sales of 133% in the two years of the pandemic and a double-digit annual increase in the trend of the last five years.

According to Albert Jané, CEO, COO and co-founder of Vytrus: “Our business is based on the development, production and commercialisation of high added-value active ingredients for the cosmetic and dermatological markets. Thanks to our plant stem cell cultivation technology, we obtain high quality, natural and sustainable products. We want the market launch to help us to further develop the great benefits of our technology and enable us to enhance the company’s growth.”

According to the company, the addition of Vytrus to BME Growth will provide a mechanism for liquidity and objective valuation of the company’s shares, which could serve as a benchmark for potential future corporate operations, in addition to increasing its brand image, transparency and solvency, strengthening its relationship with clients, investors, suppliers and financiers.

Garrigues advised Vytrus with a Barcelona office Corporate/Commercial team comprising partner Naiara Bueno and senior associate Arturo Noguer.

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