Deal Announcement - Technology - Pharmagest

IMAP is pleased to announce that Degroof Petercam acted as Financial Advisor to the Founder & Chairman of the Board of Pharmagest in connection with the sale of €73.6 million of Pharmagest Interactive shares.

Pharmagest Interactive is a France-based company that develops software for the Healthcare industry, with a market cap around €1.7 billion (as of February 16, 2021). The company makes software for stock management, drug interaction alerting and medicinal expense claim forms, among other applications.

On February 16, 2021, SC de l’Ermitage Saint Joseph, a French ‘société civile’ held by Mr. Thierry Chapusot, Founder and Chairman of the Board of Directors of Pharmagest Interactive, announced the sale of all its 772,200 company shares, representing c. 5.09% of the company share capital, by way of an accelerated bookbuild offering. The disposal by Mr. Chapusot was triggered by entrepreneurial and succession planning considerations, and while he remains Chairman of the Board of Directors, he is confident in the ability of the management to lead the current and future strategy of the company. M. Chapusot seized a very favorable market window with high investor interest, as the stock had been performing very well since the beginning of 2020 (+79%) and is currently trading at historically high levels. Following a 2-day wall-crossing exercise, the placement was launched right after market close, with a price guidance of €93.16-95.35 per share. On the back of strong momentum, led by domestic long only investors, books were covered in less than an hour enabling pricing at the top range of €95.35, i.e., a 13% discount. 

Since June 2020, IMAP France has acted as sole financial advisor to Thierry Chapusot in order to optimize his stake disposal (through SC de l’Ermitage Saint Joseph).

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