PA Consulting Group supports first, simultaneous Nasdaq/Aim listing - for an Israeli Biotech start-up company, Keryx Biopharmaceuticals, Inc
2 August 2000

PA Consulting Group has supported the first ever simultaneous NASDAQ/AIM listing of a biotechnology company. Israeli biotechnology company Keryx Biopharmaceuticals Inc announced today it has successfully gained admission to both stock markets and raised $46 million. PA provided third party due diligence on the technological aspects, explaining the science in language that investors can understand. PA’s Independent Experts’ Report is included in the ‘harmonised’ issue document, designed to meet both US and UK listing requirements. The inclusion of such third party due diligence in an offer document is unique for an initial offering on the US stock market, although commonplace in London and European equity market offerings.

The simultaneous listing demonstrates the attractiveness of the London and New York capital markets to the growing number of biotechnology start-up companies in countries outside the USA and the UK.

Dr Keith Redpath, a member of PA’s management group, comments:
"This pioneering approach was lead by the investment bank WestLB Panmure and enabled, in part, through PA’s insights and abilities to communicate the science in a language that investors understand. The multinational approach presents Keryx to markets accustomed to biotech stocks and achieves maximum visibility for the company at this key stage of its development. Keryx’s initial offering on the major stockmarkets highlights the potential for countries beyond the traditional domain of Europe and the US to contribute to the worldwide market."

Keryx Biopharmaceuticals Inc applies data from the human genome to the discovery of new drugs, primarily aimed at treatment of certain types of diabetes and cancers. Its signal transduction approach allows more specific drug candidates to be designed in a shorter time.