Is Euronext, which wants to become the stock market of reference in Europe, Paris currency that matches its ambition Can doubt if it closer to two recent events. July 7, bioMérieux realized his entry in the stock market, in an operation of more than 400 million euros, 5 times over-subscribed, by redemption of existing shares (thus without new capital for the company). Three weeks earlier, in the same field of health, in the same market context, IDM, young French company created in 1993, the public research, with 130 employees including 30 in the United States, today the world leader in the field of Cellular therapy, benefiting from a strong partnership with Sanofi, failed in his introduction on the stock market by failing to collect 100 million euros in new capital to finance its growth.
He must wonder about the reasons for this failure. Is it research and financial analysis on society Certainly not. Three banks underwriting had produced their analysis reports and undertook to follow up. Among these three banks, a renowned International Bank was particularly recognized expertise in the life sciences. Is this because IDM is a bet too risky She is young, but much built, to the point that no one can assimilate to the excesses that are experienced in some introductions on the stock exchange from 1999-2000. Is it because it was listing on the new market, and that this market is brought into disrepute What could be an argument does today: Euronext announced the merger in the single market. All companies will now offer the same regulatory protection to investors and IDM intended well rubbing shoulders with the great. Is it because our institutional investors, our portfolio managers lack money Certainly not, liquidity have rarely been as abundant.
We must then ask another question: IDM have managed its rating on the Nasdaq The answer is: probably yes. It has the ingredients needed to cover the US stock market, with such a strong presence in San Diego, Southern California, the heart of one of the major American centres of biotechnology. Most importantly, it has a portfolio of products at various stages of clinical progress certainly richer and broader than most of the companies American who made their entrance on the Nasdaq in recent months.
There is an explanation to the failure of IDM: the timidity and lack of opening our institutional investors and our portfolio managers, attached to models former, reluctant to allocate a portion of their assets to less confirmed but promising, companies with a vision beyond the short term. BioMérieux (which is an excellent company on the other hand) is the best that they can make in this registry, we are far from the account. Euronext, despite its recent, strong and positive initiatives, will not be the market reference in Europe if he is not around him a dynamic financial place. IDM should have an introduction in exemplary scholarship, across Europe, in the field of technology. It was not.
Voices are already high for our institutional investors and portfolio managers greater involvement in the investment, would this already as of closer to what make our neighbors for a long time. In the area of the stock market, it is the same logon request that is made today by the IDM case.