Fabian Gerber
SIX Swiss Exchange AG | Head Origination, Primary Markets

In February 2025, BioVersys reached a defining milestone by listing on SIX Swiss Exchange. The CHF 80 million fixed-price offering marked the largest biotech IPO in Europe in five years, with proceeds dedicated to advancing a late-stage pipeline targeting drug-resistant infections.

In this interview, Marc Gitzinger, Co-founder and CEO of BioVersys, speaks with Fabian Gerber, Head Origination at SIX Swiss Exchange, about the company's journey to become a publicly listed biotech with global ambitions. He shares what mattered most to investors during the IPO, why SIX was the natural choice, and how being public is accelerating BioVersys' mission to deliver life-saving antibiotics for areas of highest unmet medical need.

"Biotechnology success is like elite sport: it demands discipline, focus, and problem-solving, combined with talent, experience, and, admittedly, a small element of luck."

— Marc Gitzinger

What did investors focus on most during the IPO process?

Beyond general corporate maturity and IPO readiness, three factors were particularly important. First, a convincing equity story with some key ingredients: the medical need we address, the maturity of our lead programs, and the depth of our pipeline. Investors examined what differentiates our assets, the strength of our intellectual property, and the long-term commercial potential, including possible value-creation or exit scenarios.

Second, the quality and relevance of our clinical data, including indications and patient populations. Robust Phase I and Phase II data are critical for assessing development risk, and de-risking future clinical and regulatory pathways.

Third, whether the leadership team has the experience and capabilities to guide BioVersys through its next growth phase and manage the increased complexity and transparency of being a public company.

How does being public support BioVersys' goals and why did you choose to list on SIX Swiss Exchange?

Becoming a public company provided the capital to advance and expand our pipeline of life-saving antibiotics. The IPO fully funds our development programs and operating costs into 2028, with priority on BV100, which has now entered Phase III clinical development. This positions us to generate the data required for a potential approval.

The IPO significantly increased our visibility in Switzerland and internationally. We attracted a strong base of institutional investors and retail shareholders, helping us to attract talent, partners, and clinical trial sites. Listing on SIX was a natural choice given our Swiss roots and long-term growth ambitions. While Nasdaq remains a relevant alternative, Switzerland offers clear strategic advantages. Targeted policy adjustments, such as allowing pension funds to allocate up to 2% of assets to venture and small-cap growth investments, could further strengthen SIX's attractiveness for growth companies.

Can you tell us more about BioVersys' pipeline?

We have a diverse pipeline focused on severe infections caused by drug-resistant bacteria. Our lead program, BV100, targets life-threatening hospital-acquired infections caused by Gram-negative bacteria, initially focusing on pneumonia and bloodstream infections, with potential label expansions thereafter. In Phase II studies, BV100 reduced all-cause mortality to 25%, compared with 60% under best available therapy. We have now initiated a global Phase III registration trial, alongside a Phase IIb study to support future commercial positioning.

Our second clinical asset, Alpibectir, targets tuberculosis, which still claims more than one million lives annually. Developed in partnership with GSK, a strategic partner and shareholder, Alpibectir demonstrated proof of concept in a Phase IIa trial and is currently being evaluated in additional Phase II trials in meningeal and pulmonary TB. In the preclinical pipeline, BV200 addresses Staphylococcus aureus in atopic dermatitis, while BV500 targets non-tuberculous mycobacterial infections in patients with chronic lung diseases such as cystic fibrosis and COPD. For BV500, we recently entered a collaboration and license option agreement with Shionogi, further validating our approach.

What are the key value inflection points you are currently focusing on?

We are very confident about 2026 and expect strong, consistent news flow driven by key clinical and strategic milestones. For BV100, we plan to initiate patient recruitment in pivotal studies, advance development in China, and report first interim Phase IIb data toward the end of the year. In parallel, we intend to initiate a Phase II study of Alpibectir in tuberculosis meningitis, a severe and underserved indication. Alongside clinical progress, we will continue to pursue additional partnerships which could create meaningful value and new strategic opportunities.

Antimicrobial resistance is a major global threat — are you seeing increased political and economic support?

The political and economic environment for novel antibiotics has improved markedly in recent years. Historically, antibiotic development suffered from low returns due to limited patient numbers and pricing models that failed to reflect their societal value. As drug-resistant infections rise globally, policymakers increasingly recognize antibiotics as essential healthcare infrastructure. Without effective antibiotics, even routine medical procedures become high risk, and complex treatments may no longer be viable. Infections are the second leading cause of death among cancer patients.

In response, governments are beginning to address the economic disincentives in antibiotic development. While higher prices are being accepted in some markets, novel antibiotics must be used sparingly, making volume-delinked reimbursement models particularly important. A key milestone is the EU's planned introduction of a Transferable Exclusivity Voucher for high-value new antibiotics, expected to launch in 2026. The voucher provides a 12-month market exclusivity extension for another drug and can be used or sold, with experts estimating its value at around CHF 150 million. Together, these measures significantly improve the outlook for antibiotic innovation and create meaningful opportunities for BioVersys.

How can BioVersys play a leading role in addressing the urgent need for new antibiotics?

BioVersys is well positioned in antibiotic innovation because we focus exclusively on life-threatening infections caused by the most highly resistant pathogens, where current treatment options are inadequate. Our two clinical-stage programs, BV100 and Alpibectir, target the most difficult-to-treat priority pathogens and address the WHO's two top AMR priorities: hospital-acquired infections and tuberculosis. Their successful development would represent a meaningful contribution to global public health.

We collaborate with leading pharmaceutical companies to concentrate internal resources while benefiting from their expertise and validation. This credibility is reinforced by our participation in industry bodies shaping regulatory and policy advances in AMR. Additional validation comes from our selection for multiple EU innovation funding programs. Most importantly, our confidence is grounded in clinical evidence. Data generated to date for both BV100 and Alpibectir support our leadership position in the AMR field, with Phase II results for BV100 highlighting the potentially transformative impact of our approach.

How have talent and tenacity shaped BioVersys' development?

Our highly motivated team strongly identifies with our mission to make a meaningful difference for patients with drug-resistant infections. Beyond scientific expertise, our progress has required perseverance — the ability to overcome setbacks, stay focused, and go the extra mile to reach patients. Advancing programs into global Phase III trials, completing a successful IPO, and building a sustainable pipeline would not have been possible without this collective dedication.