Polyphor Ltd ("Polyphor" or the "Company"), a clinical-stage biopharmaceutical company focused on the discovery and development of innovative antibiotics and other specialty pharma products for severe or life-threatening diseases, today set the offer price for its shares in the initial public offering (“IPO”) at CHF 38 per share, at the upper end of the offer price range. The shares of the Company will commence trading on SIX Swiss Exchange today.

The total placement volume, including Greenshoe Option as outlined below, amounts to CHF 165 million (assuming full exercise of the Greenshoe Option). The offer price of CHF 38 implies a total market capitalisation of CHF 420 million and free float is expected to amount to approximately 37 per cent of the then issued share capital (assuming full exercise of the Greenshoe Option).

Giacomo Di Nepi, Chief Executive Officer of Polyphor, said: “I am delighted that our Initial Public Offering was so successful. The listing on the SIX Swiss Exchange allows us to raise CHF 165 million to bring our products to patients affected by infections and hospital pneumonia and to women with metastatic breast cancer as well as to fund our future. Our IPO is the largest biotech IPO in Switzerland in over 10 years and one of the top three in Europe in the last three years in terms of proceeds raised by an issuer to finance the development of its pipeline. I would like to thank all investors who placed their trust in our science, team and programs and all the colleagues and professionals who supported us throughout the process.”

The syndicate banks placed a total of 4,342,110 newly issued registered shares with investors. Of this total, 2,631,580 shares were from the base offering and 1,447,370 shares were issued pursuant to the fully exercised upsize option, corresponding to a total of CHF155 million in gross proceeds for Polyphor. The remaining 263,160 shares were over-allotted. These shares were sourced from existing shares lent by shareholders. To cover such over-allotments, the Company has granted the syndicate banks an option to purchase up to 263,160 newly issued additional shares (the "Greenshoe Option"). The Greenshoe Option may be exercised partly or in full by the Joint Global Coordinators until 14 June 2018. If the Greenshoe Option is fully exercised, this will add gross proceeds of CHF 10 million for the Company.

As a result of the IPO and the related capital increases, the total share capital of the Company will amount to CHF 22,081,506, divided into 11,040,753 shares with a par value of CHF 2.00 each, assuming full exercise of the Greenshoe Option.

The funds raised from the IPO will primarily be used to fund the continued development of Polyphor’s lead product candidate murepavadin towards regulatory approval and further progress the development of balixafortide.

The Company has committed to a lock-up period of six months from the first day of trading. All existing shareholders, members of the Board of Directors and members of the Group Executive Board are subject to a lock-up undertaking for a period of 12 months from the first day of trading.

The shares of Polyphor will start trading on SIX Swiss Exchange (International Reporting Standard) today under the ticker symbol “POLN”. Settlement is expected to take place on or around 17 May 2018.

UBS AG and Deutsche Bank AG are acting as Joint Global Coordinators and Joint Bookrunners for the IPO and Cantonal Bank of Zurich and Cantor Fitzgerald are acting as Co-Lead Managers. Octavian is acting as Selling Agent. Skadden, Arps, Slate, Meagher & Flom LLP and VISCHER AG are acting as legal advisors to Polyphor. Linklaters LLP and Bär & Karrer Ltd. are representing the Managers.

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About Polyphor

Polyphor is a clinical stage, privately held Swiss biopharmaceutical company which has discovered and is developing the OMPTA (Outer Membrane Protein Targeting Antibiotics). The OMPTA are potentially the first new class of antibiotics against Gram-negative bacteria to have reached phase III stage in the last 50 years. The company’s lead product, murepavadin, (POL7080) is in Phase III development against Pseudomonas aeruginosa – recognized as a critical priority 1 pathogen by WHO. Polyphor is also developing an immuno-oncology candidate, balixafortide (POL6326), which has achieved clinical proof of concept in a Phase Ib/proof of concept study in combination with eribulin in patients with advanced breast cancer, and a pipeline of further preclinical antibiotics based on its OMPTA platform. Polyphor is based in Allschwil near Basel. For more information, please visit www.polyphor.com.

Disclaimer

These materials may not be published, distributed or transmitted in the United States, Canada, Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities (the “Securities”) of Polyphor Ltd. (the “Company”) in the United States, Switzerland or any other jurisdiction. The Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Securities of the Company have not been, and will not be, registered under the Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to “qualified institutional buyers” as defined in, and in reliance on, Rule 144A under the Securities Act.

This publication constitutes neither an offer to sell nor a solicitation to buy any securities. This document is not an issuance or listing prospectus or a similar document in the sense of article 652a, article 752 and/or article 1156 of the Swiss Code of Obligations or articles 27 et seq. of the Listing Rules of the SIX Swiss Exchange Ltd. and was not reviewed by any competent authority. Any offer of securities of the Company will be made solely by means of, and on the basis of, an offering memorandum that will contain detailed information about the Company and its management as well as risk factors and financial statements. Any person considering the purchase of any securities of the Company must inform itself independently based solely on such offering memorandum (including any supplement thereto).

This document does not constitute an “offer of securities to the public” within the meaning of Directive 2003/71/EC of the European Union, as amended (the “Prospectus Directive”) of the securities referred to herein in any member state of the European Economic Area (the “EEA”). Any offers of the securities referred to in this document to persons in the EEA will be made pursuant to an exemption under the Prospectus Directive, as implemented in member states of the EEA, from the requirement to produce a prospectus for offers of the Securities. In any EEA Member State that has implemented the Prospectus Directive, this document is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

In the United Kingdom, this document is only being distributed to and is only directed at persons who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”) or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as “Relevant Persons”). This document is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this document relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.

This communication may contain statements about the future that use words such as, for example, “believe”, “assume”, “expect”, “forecast”, “project”, “may”, “could”, “might”, “will” and other similar expressions. Such statements about the future are subject to known and unknown risks, uncertainties, and other factors, which can cause the true results, financial situation, development or performance of the Company to differ significantly from that which is expressly or implicitly assumed in these statements. In view of these uncertainties, the reader should not depend on this type of statement about the future. The Company gives no undertaking whatever to update such statements regarding the future, or to adapt them to future events or developments.