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Danish biotech Gubra aims to raise DKK 500 million in IPO

COPENHAGEN (Reuters) - Danish biotech company Gubra aims to raise 500 million Danish Crowns ($71.54 million) through an initial public offering (IPO) and list its shares on the Nasdaq Copenhagen exchange, the company said in a statement on Monday.

Certain investors, including Danske Asset Management and Danica Pension have committed to subscribe for Gubra's new shares for a total amount of 330 million crowns.

The company intends to use the net proceeds to expand its research activities, develop its drug candidates and technical solutions, as well as for acquisitions, it said.

Gubra specialises in pre-clinical contract research services and peptide-based drug discovery within metabolic and fibrotic diseases, offering research and development services to pharmaceutical and biotechnology companies on a contract basis.

Founded in 2008, the company's total revenue in 2022 amounted to 199.4 million Danish crowns, with an adjusted operating profit of 19 million.

($1 = 6.9888 Danish crowns)

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)