Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) is seeking to relist its stocks on the Nasdaq with a re-domiciliation to the United States under a scheme of arrangement that would see Delaware-based Anteris Technologies Global Corp become the parent company of the Anteris Group.
The new holding company would then seek a listing on the Nasdaq – alongside a secondary listing of its CDIs on the ASX – and undertake an initial public offering (IPO) targeted at, but not restricted to, US investors.
AVR plans to complete the relisting and the IPO by the end of 2024, targeting between US$75 million and US$100 million.
Proceeds from IPO to fund THV treatment
AVR says the additional funding generated in the proposed Nasdaq IPO would go to ongoing development of its DurAVR® transcatheter heart valve (THV), and specifically preparations for a pivotal trial assessing the use of DurAVR® THV for treating severe aortic stenosis under the US Federal Drug Administration (FDA).
Anteris will need to secure approval from both share and option holders, as well as necessary regulatory and court approvals.
The board believes re-domiciliation to the US will provide greater access to US investors ahead of its pivotal DurAVR® THV aortic stenosis study, which may provide access to lower-cost debt and equity capital in the US market.
Anteris sees the US as a larger and more diverse market compared to Australia, with stronger interest in early to mid-stage medical technology and biotechnology companies.
The board also points to potential for greater visibility and a higher global profile, with a higher density of analyst coverage, stronger valuations for biotech companies and improved liquidity in shares and CDIs.
AVR’s management highlights the potential for more interaction with US companies, stating that re-domiciliation is “likely to improve the attractiveness of the Anteris Group as a potential target for change of control transactions” and that the move may “create additional opportunities with potential licensing, distribution or joint venture partners”.
Finally, the US-centred nature of AVR’s existing business and employees means a relocation would better align the company’s corporate and operations structure.
Investors have responded positively to the plans with shares on the ASX as much as 6.32% higher intra-day to A$15.15.