Natixis recently led a 180m convertible bond issue for GENFIT, which develops therapeutic solutions in metabolic and inflammatory diseases that notably affect the liver. This issue is the largest for a biopharmaceutical company in Europe and the first issue in France.
Supportive market conditions enabled GENFIT to benefit from competitive terms (3.5% coupon and conversion premium 30%). The initial amount size of the deal was increased from 150m to 180m as a result of the issues success. Proceeds will be used to complete phase III clinical development of Elafibranor, used to treat non-alcoholic steato-hepatitis (NASH). This convertible bond issue is Natixis fourth deal in a month after Artémis, Vallourec and Elis and reflects our strong franchise on this very active market segment.
