Nanoform has filed for a dual listing in Sweden and Finland, marking the first time that a University of Helsinki spinout is seeking an initial public offering.

Nanoform, a Finland-based drug particle engineering spinout of University of Helsinki, yesterday priced its shares at €3.45 ($3.78) and will raise $76.7m when it goes public on June 4.
The spinout will issue approximately 20.3 million shares and will undertake a dual listing on the Nasdaq First North Premier Growth Markets in Sweden and Finland.
Additionally, the co-founders and certain shareholders, including the institution’s endowment Helsinki University Funds, will put up more than 2.3 million shares for sale.
Scientific research foundation Avohoidon Tutkimussäätiö, insurer Mandatum Life Insurance, pension fund Fjärde AP-Fonden, financial services firm Handelsbanken Fonder AB, investment firm Keel Capital and certain funds managed by asset managers Sp-Fund Management Company and OP Fund Management Company, respectively, have committed to a combined cornerstone investment of approximately $49.9m, subject to certain conditions.
The listing, if it goes ahead, would mark the first time a spinout from the university has gone public, the institution’s chief financial officer Anders Ekholm said.
Founded in 2015, Nanoform has developed technology to produce active pharmaceutical ingredient nanoparticles directly from solution, with the ability to control the shape of particles and increasing the rate of dissolution.
The approach means small molecules that previously offered poor solubility can be progressed through the pipeline.
Mandatum Life contributed to an $11.2m funding round in July 2019 together with pension insurer Ilmarinen Mutual Pension Insurance, Open Care Research Foundation and several undisclosed existing backers and assorted private investors.
Mandatum had already taken part in an $8.2m round in 2018, according to Nanoform’s prospectus.
Nanoform will use nearly half of the proceeds to target a total of 25 production lines by 2025. The money will also fund the recruitment of additional manufacturing, quality control and assurance staff, as well as go towards R&D activities and sales and marketing efforts.
Helsinki University Funds currently owns a 14% stake in Nanoform, while co-founder and CEO Edward Hæggström owns 13.9% and Mandatum holds 11.5%. Ilmarinen has an 8.1% shareholding and Avohoidon Tutkimussäätiö owns 5.8%.
Co-founder Jouko Yliruusi and Kai Falck, senior partner of consultancy FRH Technology Partners, both own a 6.9% stake.
Danske Bank and Skandinaviska Enskilda Banken are the joint global coordinators and joint bookrunners, while Swedbank, Kepler Cheuvreux, and Stifel Nicolaus Europe are also joint bookrunners and Nordnet Bank is the subscription placement agent.
Danske Bank has been given a thirty-day option to purchase up to an additional 2.9 million shares following Nanoform’s flotation.

Thierry Heles

Thierry Heles is the former editor-at-large of Global University Venturing and Global Corporate Venturing, and was the producer and host of the Beyond the Breakthrough podcast until December 2024.