AMR biotech BioVersys plans to float on Swiss stock exchange

Swiss antibiotic developer BioVersys has launched an initial public offering, hoping to raise CHF 80 million ($88 million) to advance its pipeline of drug candidates for infections plagued by antimicrobial resistance (AMR).

Some of the proceeds will go towards phase 3 trials of BioVersys' lead antibacterial candidate BV100, which is being developed as a treatment for serious hospital infections caused by Acinetobacter baumannii, a Gram-negative bacteria that is associated with high levels of AMR and has become a global public health concern.

A baumannii that is resistant to the crucial carbapenem class of antibacterials has been flagged by the World Health Organization (WHO) as the number one priority for antimicrobial development.

BV100 is a new formulation of rifabutin suitable for intravenous administration, which BioVersys claims offers a new mechanism of action that circumvents carbapenem resistance and could be ready for regulatory filings in Europe, the US, and China starting in 2027.

In an open-label phase 2 trial, the drug was associated with all-cause mortality of 25%, compared to 60% with a control arm using best available therapy.

A portion of the IPO proceeds will be used to support phase 2 testing of GSK-partnered alpibectir for multidrug-resistant (MDR) tuberculosis – also on the WHO's threat list – and to help fund the company into 2028, according to the Basel-based biotech. The funding will also allow it to advance two further antibiotics for Staphylococcus aureus and non-tuberculous mycobacterial (NTM) infections.

If completed, it is thought that this would be the first IPO by a Swiss biotech since Polyphor – another antibiotic developer now called Spexis – went public in 2018.

While there has been a massive reduction in the number of pharma companies working on antibiotic development in recent decades, in part because of the limited market for novel drugs that are typically reserved for last-line use in AMR cases, BioVersys is confident that there is a "clear and sustainable commercial opportunity" for its pipeline.

That stems in part from reimbursement and incentive schemes for antibiotics that are gradually being introduced within the G7/EU27 countries, including the UK's Netflix-style subscription model and other approaches in Sweden, Canada, Japan, and the US.

"The envisaged listing on the Swiss Stock Exchange represents a key milestone for our company since its inception," said Dr Marc Gitzinger, chief executive of BioVersys. "Delivering new first-in-class and best-in-class medicines to address the dire unmet needs in the AMR sector, remains our top priority."

The company said GSK and the AMR Action Fund, which are existing shareholders in the company, have indicated they will invest in the IPO.