From Lab to Listing: Euronext IPO of argenx as a Springboard for Global Growth

Under the leadership of CEO Tim Van Hauwermeiren, argenx, a European biotech company specializing in autoimmune diseases, completed a landmark IPO on Euronext Brussels in July 2014 that raised €40 million and valued the company at €132 million. The IPO enabled argenx to accelerate R&D and expand internationally. The CEO’s strategic vision and skillful alignment of stakeholders steered argenx to IPO success despite the rapid preparation and complex challenges involved, ultimately paving the way for a Nasdaq dual listing.
By 2025 argenx had evolved into a global biopharmaceutical leader with a market capitalization of $42 billion, exemplifying how capital markets and exceptional leadership can transform an innovative European venture into a worldwide success story.

This case study, developed as part of the Euronext IPOReady Programme, deepens students’ understanding of the organizational and leadership challenges faced during the IPO process. Protagonists Peter Verhaeghe (chairman of the board), and CEO Tim Van Hauwermeiren navigate a successful IPO on Euronext Brussels, balancing operational continuity with strategic execution. Students explore how leadership, governance structures and organizational behavior influence the company’s ability to manage the transition effectively.

Pedagogical goals:
To analyze leadership strategies during a high-stakes transition such as an IPO.
Understand the role played by middle management in maintaining business continuity while senior management focuses on external priorities.
Examine decision-making protocols and their impact on organizational efficiency during transformative events.
Post-IPO, how a company adapts to regulatory and investor expectations while sustaining innovation and growth.

For MBA classes in Organizational Behavior the case is particularly relevant for discussions on leadership dynamics, delegation of responsibilities and the interplay between governance and operational performance. Students are asked to critically assess how effective communication, empowerment and decision-making frameworks contribute to organizational resilience during complex transitions (such as an IPO).