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Old March 28th, 2012, 05:23 AM   #3441
Feanaro
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Quote:
Originally Posted by sgroutage View Post
Who said anything about London?

I think you guys are slightly sensitive about the comparison.
It's a joke? Londonfox and you, don't change anything, you are just perfect...
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Old March 28th, 2012, 03:42 PM   #3442
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Paris Becomes Europe's Health-Care IPO Hub



France’s fourth health-related company to sell shares in an initial public offering this year starts trading in Paris tomorrow, bringing the first quarter’s tally to the most in at least two decades.

Unlike the U.K., Germany and Switzerland, which have seen a drought of such stock sales, French biotechnology or medical companies are lining up to issue stock thanks to a pool of dedicated health-care funds, an accessible market for small stocks and tax breaks that have spawned such startups. DBV Technologies SA (DBV), which is developing peanut and milk allergy treatments with patches rather than injections, will price its sale of as many as 6.05 million new shares today.

“France is one of the rare countries where you can still get biotech and med-tech IPOs done,” says Christian Finan, who heads equity capital markets at Bryan, Garnier & Co. in Paris, an underwriter of health-care IPOs. “Investors here have an appetite for these assets and are willing to look at them even in a difficult IPO environment if they are of quality.”

This year, Adocia SAS (ADOC), which has an accord with Eli Lilly & Co. to develop and market so-called ultra-rapid insulin; EOS Imaging SA (EOSI), a maker of devices for three-dimensional views of the body, and Intrasense SAS (ALINS), a medical-imaging software maker, raised about 70 million euros ($93 million). Their lackluster stock performance isn’t deterring others.

SuperSonic Imagine, a maker of ultrasound imaging machines, and Vexim SA, a French producer of implants to treat vertebral fractures of the spine, are among companies considering IPOs.

French Momentum
Four out of the five IPOs in France in the first quarter were by health-related companies. Societe Generale SA (GLE), Dexia SA and Gilbert Dupont are among the lead managers of the sales.

Overall, the French health IPO record has been promising. Of the 10 such IPOs in France in 2010 and 2011, only Tekka, a dental-implant maker, has fallen sharply, trading 71 percent below its IPO price. Shares of Carmat SAS (ALCAR), which is developing an artificial heart, have more than quintupled. Novagali Pharma SA was last year acquired by Japan’s Santen Pharmaceutical Co.

“Momentum has clearly been picking up in France in the biotech and med-tech sectors,” says Andre Choulika, founder and chief executive officer of Paris-based Cellectis (ALCLS) SA, a DNA researcher. “It’s not the same in other European countries.”

The companies have benefitted from tax breaks for corporate research expenses, with the main fiscal measure seen by French entrepreneurs as key to the funding of innovation in biotech in a 2011 Ernst & Young LLP survey, says Franck Sebag, a Paris- based partner for the accounting firm.

“France has had pretty strong-willed policies for companies investing in innovation,” says Sebag. “This de facto helps biotech companies.”

Dedicated Funds
France also has health-care venture funds such as Paris- based Sofinnova Partners, an investor in DBV Technologies, and Edmond de Rothschild Investment Partners, which owns a stake in EOS Imaging. Societe Generale, Bryan Garnier and Invest Securities have been building their health-care coverage.

The 2005 creation of NYSE Alternext for small and medium- sized businesses with easier requirements for biotech and medical-device companies facilitated trading of their shares.

In the U.K., investors burned by a drop in shares of companies such as Renovo Group Plc (RNVO) and Antisoma Plc (ASM) may be wary of biotech companies.

Renovo, a developer of skin treatments that went public in 2006, today trades 93 percent below its June 2007 peak levels. Antisoma, which develops cancer treatments, closed at a high of 256.49 pence on March 7, 2000. It now trades at 1.75 pence.

‘No Interest’
Cellectis’s Choulika said he is struck by the lack of interest in the U.K. and in other European countries. “Our roadshows in the U.K. raise no interest,” he said. “There’s more interest for Cellectis in the U.S. There is some interest in Switzerland, a bit in Scandinavian countries, but interest is very limited in Germany and almost non-existent in the U.K.”

There have been no health-related IPOs this year in Germany or Switzerland and one in the U.K.

Truffle Capital, a venture-capital firm based in Paris, brought three companies to market in 2010, including Carmat.

“People were telling us we were crazy, that these IPOs would not be successful, that it was impossible to do IPOs in France,” recalls Philippe Pouletty, the co-founder of Truffle Capital. “They were wrong.”

Shaky equity markets shouldn’t deter a company from tapping the market if its business plan is sound, the management good and historical shareholders are willing to invest, he said.

‘Yes, We Can’
“You cannot remain seated on a chair, waiting to see whether things will get better, if markets will start rising again,” he says. “You have to say, ‘Yes, we can.’”

There are about 300 French biotech and med-tech companies, said Choulika, who also heads France Biotech, an industry association. Some of them would be “good IPO candidates,” he said, citing Cerenis Therapeutics SA as an example.

Based in Toulouse, France, and Ann Arbor, Michigan, Cerenis’s main product candidate is a compound that may treat heart disease and high cholesterol. Jean-Louis Dasseux, its founder and CEO, said in an interview last year he may consider funding options including an IPO in 2013.

Vexim is close to a decision on an IPO in April, Truffle Capital’s Pouletty has said. The firm owns a majority stake in Vexim, which is based in Balma, France.

SuperSonic Imagine is “working” on its own IPO plans, Jacques Souquet, the company’s founder and CEO, said in a March 14 interview. He declined to give any details.

Glut Worries
“I hope the momentum won’t break because too many companies opt for an IPO without being ready for it,” Choulika says.

The size of the offers in France remains unimpressive, said Kristelle Kerforn, a director of health-care mergers and acquisitions at Credit Agricole Corporate & Investment Bank.

“We’re talking of relatively small amounts of money,” Kerforn says. “We don’t expect a very active market.”

Still, there’s plenty of interest out there, said Remi Soula, head of business development and scientific adviser at Adocia, the developer of experimental diabetes treatments.

“French people always had an obsession for innovation, but for years TGV trains or Rafale airplanes were the rage,” he said. “They seem more passionate about life sciences these days. We’re really benefiting from that.”
http://www.businessweek.com/news/201...in-20-years#p1
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Old March 28th, 2012, 05:17 PM   #3443
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Originally Posted by brisavoine View Post
I think they are just jealous. Notice how these comments always come from London forumers.

Ah Napoleon, there you are!

By the way, I don't think sgroutage is actually British.. or any of the other people on the last page who were also expecting a bit more after Jex hyped it up so much... just FYI.. but please... keep defending your city from all kinds of attack (or non attack)..
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Old March 28th, 2012, 07:09 PM   #3444
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There's nothing deserving crying at Napoleon in his post.

It's true that we very rarely see Italian or Spanish posters coming on the Paris thread only to say it's a crap city (which is obvious trolling).
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Old March 28th, 2012, 07:17 PM   #3445
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Oh and how bizarre... One minute after having posted on this thread, SO143 posts in the London thread to say they renovated asphalt on Whatford street.

You're totally childish.
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Old March 28th, 2012, 07:27 PM   #3446
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great montparnasse lights

I hope to be there soon...
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Old March 28th, 2012, 07:34 PM   #3447
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I have to say that it was pretty silly to have a month long countdown for a change of light-scheme of the Montparnasse Tower ().
But apart from that i do like this P&C thread.
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Old March 28th, 2012, 10:09 PM   #3448
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Quote:
Originally Posted by Clery View Post
Oh and how bizarre... One minute after having posted on this thread, SO143 posts in the London thread to say they renovated asphalt on Whatford street.
The most important piece of news of the century.
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Old March 29th, 2012, 11:46 AM   #3449
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guys why to act childish?

"london vs paris" sometimes are boring with poor argues
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Old March 29th, 2012, 01:39 PM   #3450
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Originally Posted by brisavoine View Post
The most important piece of news of the century.
Yes it ranks up there with some blue lights
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Old March 29th, 2012, 03:05 PM   #3451
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edit

Last edited by ory26; January 21st, 2016 at 12:17 PM.
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Old March 29th, 2012, 06:45 PM   #3452
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Quote:
Originally Posted by sgroutage View Post

With the lack of developments on this thread and in Paris in general i can understand why though!
Please just don't go here you'll be affraid of how you are stupid to say that.
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Old March 29th, 2012, 09:29 PM   #3453
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del

Last edited by sgroutage; April 14th, 2012 at 05:49 AM.
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Old March 29th, 2012, 09:35 PM   #3454
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Didn't Paris get more m2 of new offices than London last year?
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Old March 29th, 2012, 09:54 PM   #3455
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Quote:
Originally Posted by sgroutage View Post
No, not stupid at all! I have just returned from Paris and there is a noticeable lack of cranes on the skyline. In fact every time i visit Paris (every year) this is always the case.

I didnt bring up London at all, but some seem to want to have some kind of debate on the comparison, but in all honestly there is no comparison really. London is a constantly changing city and the skyline has been dominated by cranes for the last 10 years and will continue to do so.

This is one of the fundamental differences between the 2 cities. It has always been this way and will always be this way. To argue that Paris somehow has many more developments than London is just silly and not representative of reality.

No one is saying one city is better than the other. But in terms of development, there is always more going on in London where attitudes to development are far more relaxed.

Things happen slowly in Paris, cest la vie!
-> ridiculous
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Old March 29th, 2012, 10:30 PM   #3456
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Please, don't feed the trolls, they only want to ruin this thread.
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Old March 29th, 2012, 11:07 PM   #3457
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Quote:
Originally Posted by sgroutage View Post
No, not stupid at all! I have just returned from Paris and there is a noticeable lack of cranes on the skyline. In fact every time i visit Paris (every year) this is always the case.
Well, go back to Paris at the same time of year in 2013 & hang around Balard, you'll notice at least 22 cranes over the French Pentagone site...
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Old March 29th, 2012, 11:27 PM   #3458
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Originally Posted by sgroutage View Post
Bla bla bla bla...
Cool story bro, and nice trolling again Now shut up.
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Old March 30th, 2012, 01:04 AM   #3459
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Originally Posted by sgroutage View Post
o so.

This is one of the fundamental differences between the 2 cities. It has always been this way and will always be this way. To argue that Paris somehow has many more developments than London is just silly and not representative of reality.

you can notice that the ugliest quarters are in london and when you regenerate them you can only do better by creating new sorts of things

Paris is alreday so beautiful that it's hard to change minds
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Old March 30th, 2012, 01:20 AM   #3460
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del

Last edited by sgroutage; April 14th, 2012 at 05:43 AM.
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