Law firm Stephenson Harwood LLP has advised Acacia Pharma Group on its €190 million IPO on Euronext Brussels.

British-based Acacia Pharma specialises in the research and development of supportive care medicines. The group, which also has US operations in Indianapolis, will use the funds for a targeted push at a specialised market in North America, with its first product, treating post-operative nausea and vomiting, expected to be launched in 2019.

The Initial Global Offer was priced at €3.60 per share, raising gross proceeds of €40 million. Based on the offer price, the total market capitalisation of Acacia Pharma at the commencement of conditional dealings on Monday 5 March was approximately €190 million. Acacia Pharma's listing is the largest on Euronext since 2015 and is the first IPO of a British-based biotech company in 2018.

The Stephenson Harwood team was led by London-based corporate partner Anthony Clare and included senior associate David Dowding, associates Tom Parker and Maddie Alexander-Finch and trainee Christina Oliver, with support from John Meehan (tax) and Barbara Allen and Anika Chandra (incentives).