Swiss healthcare provider Galenica raises $1.9 billion in Europe’s biggest IPO

Swiss healthcare provider Galenica Sante’s shares rose more than 10 percent in their stock market debut after it raised 1.9 billion Swiss francs ($1.9 billion) in Europe’s biggest flotation so far this year.

Galenica said the sale of the share, offered at 39 francs per share, had been several times oversubscribed and the price had been set at the top end of the indicated range.

Proceeds of the share offering, Europe’s biggest so far in 2017 and about double the value of Spanish car parts maker Gestamp, will cut debt from Vifor’s $1.53 billion acquisition of the U.S.-based Relypsa in 2016.

On 21 July 2016, Galenica acquired Relypsa for $1.53 billion, paying a big premium for the Californian biotech company to strengthen its Vifor Pharma unit ahead of splitting up the Swiss healthcare group.