Cleary Gottlieb acted as Italian, U.S. and English counsel to Molecular Medicine S.p.A. in its initial public offering of 26,116,952 ordinary shares. The offering is a public offering to retail investors in Italy and a Regulation S offering to institutional investors outside the United States. The shares have been listed on the Mercato Telematico Azionario managed by the Borsa Italiana S.p.A. The offering is notable as one of the very few initial public offerings successfully completed in Europe in the first half of 2008, with the transaction team having to overcome significant turbulence in both the Italian and international capital markets. The €56 million IPO closed on March 5.
Molecular Medicine is a medical biotechnology company focused on the discovery, development and clinical validation of innovative therapies for tumor treatment. MolMed, incorporated in July 1996, is based in Milan. The company originates from the experience of a group of scientists of the San Raffaele Scientific Institute of Milan, headed by Professor Claudio Bordignon, one of the most eminent Italian research scientists. MolMed is often referred to by the press as one of Italy’s most prestigious research companies.
