On 11 June 2026, VERAXA Biotech AG completed its business combination with Voyager Acquisition Corp. and listed on the NASDAQ Stock Market under the ticker symbols “VRXA” and “VRXAW”. Through this transaction, VERAXA strengthened its financial position, including through a USD 27.5 million senior secured note financing and a share purchase agreement for up to USD 50 million. The proceeds will be used to further advance VERAXA‘s oncology pipeline based on its proprietary BiTAC platform, supporting progress towards clinical development and industry partnerships.
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We provide up-to-date information on legal and regulatory developments regarding the capital markets, publish concise articles on developments in the Swiss and international financial markets, and announce recent deals and forthcoming events.
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New White Paper on SIX IPOs Presented at January 2026 Tech IPO Event
ByLorenzo Togni
At an event held in January 2026 at the premises of SIX Swiss Exchange, a new white paper was presented that sets out the advantages of conducting an IPO in Switzerland as opposed to the United States. This contribution focuses on legal aspects covered in the white paper.
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Successful SME Listings: Regulatory Design and Market Structure in Sweden
By/Michaela Ådén
Christian Lindhé
The Swedish market has established itself as one of Europe‘s leading stock markets, and in December 2025, The Economist declared Stockholm “Europe‘s new capital of capital.” In 2025, Sweden accounted for more IPOs than any other country in Europe and, in absolute terms, had the highest number of listed companies in Europe even though Sweden, with a population of around ten million, ranks only eighth in the EU in terms of GDP.
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Proposal for a Sustainable Corporate Governance Act
ByAndreas Hösli
On 1 April 2026, the Federal Council introduced the draft Sustainable Corporate Governance Act as a counterproposal to the Responsible Business Initiative 2.0. The proposed legislation seeks to align Swiss law with the latest amendments to corporate sustainability regulations in the EU by instituting broadly framed sustainability due diligence obligations and enhanced sustainability reporting requirements for large to very large Swiss companies. In addition, the draft outlines the creation of a special liability framework and introduces supervisory mechanisms to ensure compliance.
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FINMA‘s Expectations in Terms of Consolidated Supervision: the FINMA Circular 2025/4 and Beyond
By/Shelby R. du Pasquier
Philipp Fischer
On 1 July 2025, FINMA Circular 2025/4 on consolidated supervision entered into force. This codification of FINMA‘s longstanding supervisory practice for financial groups in line with international standards enhances regulatory clarity. One year after its entry into force, it makes sense to assess the Circular‘s practical impact and the extent to which consolidated supervision has featured in FINMA‘s recent practice. As this issue will likely remain relevant in the coming years, this contribution examines FINMA‘s expectations as set out in the Circular and as applied in practice.
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Infracore‘s Initial Public Offering on SIX
ByCapLaw
On 9 July 2026, Infracore SA, Switzerland‘s leading specialist in healthcare real estate, successfully completed its initial public offering on SIX Swiss Exchange. Priced at CHF 54 per share, the IPO consisted of 4,209,203 firm shares, comprising 3,703,703 newly issued shares and 505,500 existing shares sold by Infracore‘s largest shareholder, MPT Switzerland Holdings S.à r.l., and an over-allotment option of up to 420,920 existing shares granted by MPT, exercisable on or before 8 August 2026. Trading in the shares on SIX started on 9 July 2026. Based on the offer price of CHF 54 per share, the aggregate offer size (assuming the over-allotment option is exercised in…
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SOPHiA GENETICS‘s Public Offering of USD 57.5 Million of Ordinary Shares
ByCapLaw
On 19 June 2026, SOPHiA GENETICS (Nasdaq: SOPH), a global leader in AI-driven precision medicine, closed its underwritten public offering with total gross proceeds of USD 57.5 million. TD Cowen acted as the lead book-running manager for the offering. Guggenheim Securities acted as book-running manager, and BTIG and Craig-Hallum acted as lead managers for the offering.