Pharmaceutical company J. Molner AS plans to raise one million euros in IPO

  • 2022-10-03

Tallinn based pharmaceutical company J. Molner AS (Molner) intends to conduct an initial public offering of shares (IPO). The company develops specialty generic pharmaceutical products and plans to use the IPO proceeds for the further development of its international business. The total volume of the offering is planned to be in the range of EUR 1 million.

Molner develops specialty generic pharmaceutical products for the markets in the USA and Canada. The company relies on the pharmaceutical development skills of its research team in Estonia, located at Tehnopol in Mustamäe, Tallinn.

“We are working with generic drugs to remedy the product shortages in the market. Molner’s focus is on satisfying demand in the USA and Canada as these make up the largest pharmaceutical markets in the world,” said Jason Grenfell-Gardner, Founder and CEO of J. Molner AS.

Molner is focused on specialty generics, primarily working on products like sterile injectable drugs in vials and ampoules for hospitals and clinics, and forms like topical drugs for dermatology, but the company does not engage with tablets or capsules. Molner relies on contract manufacturing facilities to make the products.

J. Molner AS is a holding company with three subsidiaries: in Estonia The J. Molner Company OÜ, in Canada The J. Molner Company Inc. and in the USA The J. Molner Company LLC. In total, Molner and its subsidiaries employ approximately 20 people. The J. Molner Company OÜ generated a turnover of about 162,000 euros in the first half of 2022 from research and development services to other pharmaceutical companies. Currently, the company is still focused on its internal product development pipeline of drugs and bringing first products on the market. In July 2022, Molner also acquired marketing authorizations (Abbreviated New Drug Applications, ANDA’s) of three drugs in the United States that are approved by the US Food and Drug Administration.

The J. Molner Company was established in 2020 out of the operations of the laboratory in Tallinn, which had been set up in 2015 by the American pharmaceutical company Teligent. In 2020, as a result of the COVID-19 pandemic and subsequent economic challenges, Teligent closed its Estonian operations and The J. Molner Company was formed. Molner fully complies with regulatory requirements and holds a Manufacturing Authorization No. 876 from the Estonian Agency of Medicines (Ravimiamet).

The proceeds from the IPO are planned to be used for the recruitment of new personnel, accelerating the launch of new products, including the launch of the first drugs using the J. Molner label in the first half of 2023, and increasing laboratory capabilities.

The legal adviser of Molner is Ellex Raidla Advokaadibüroo and financial adviser is LHV Pank.

On 3 October 2022, the Listing and Surveillance Committee of Nasdaq Tallinn started the procedure for shares trading of J. Molner AS on First North operated by Nasdaq Tallinn AS.

Before the start of the offering a full Company Description will be published.