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Red Herrings & Green Shoes
Editor’s note: Biotech and specialty pharma companies experienced an excellent year in 2005, raising a total of $18.9 billion in new financing (not counting revenues and payments coming from corporate collaborations). Of that, initial and follow-on offerings brought in nearly $5.8 billion.
In 2005, 17 companies debuted on U.S. exchanges, while 14 more completed IPOs in foreign markets, including Switzerland, Belgium, Japan and Canada. On a worldwide basis, they raised a total of $1.5 billion.
In contrast, there were lots of follow-on offerings in 2005. In all, 60 deals raised a total of nearly $4.3 billion. Moreover, one company completed three follow-on offerings in 2005 and another went to the public well twice.
As a service to its readers, Signals published this article in early January 2005 to track U.S.-based public financings for the year. Throughout the year we updated the lists on a continuous basis. We tracked the progress of each IPO and follow-on offering and also kept a log of those offerings that were postponed or withdrawn.
What follows is the completed list of all public offerings made on U.S. exchanges in 2005. If you’d like to track public financing in 2006, please refer to the Signals article, “Bulls And Bears.”
To make it easier for you to navigate this article, we're providing some internal links. The section that covers IPOs that priced follows directly. To check out the follow-on offerings, click here. For withdrawals and postponements, click here.
Completed IPOs
§ Dec. 15, 2005: Somaxon Pharmaceuticals Inc. (NASDAQ:SOMX): A specialty pharmaceutical company that is developing treatments for psychiatric and neurological diseases. The lead product candidate Silenor is in Phase III trials in insomnia. On Dec. 15, priced 5M shares at $11.00 per share for gross proceeds of $55M. Underwriters: Morgan Stanley (sole book-running manager); JP Morgan Securities (co-lead); Piper Jaffray; and Thomas Weisel Partners. First-day change: -3%.
§ Nov. 9, 2005: CombinatoRx Inc. (NASDAQ:CRXX): Using combinatorial drug discovery technology to develop new products built from synergistic combinations of approved drugs. Six product candidates for immuno-inflammatory diseases are in the clinic; one product candidate for cancer is also in clinical trials. On Nov. 9, priced 6M shares at $7.00 per share for gross proceeds of $42M. On Nov. 18, raised an additional $6.3M by selling the full overallotment (0.9M shares). Total gross proceeds: $48.3M. Underwriters: SG Cowen (book-running manager); Pacific Growth Equities (co-lead); Lazard Capital Markets; and A.G. Edwards. First-day change: +12%.
§ Oct. 28, 2005: Accentia Biopharmaceuticals Inc. (NASDAQ:ABPI): A specialty pharmaceutical company that in-licenses late-stage clinical drug candidates for development and commercialization. SinuNase, licensed from the Mayo Foundation, is entering Phase III trials in chronic rhinosinusitis. On Oct. 28, priced 2.4M shares at $8.00 per share for gross proceeds of $19.2M. Underwriters: Jefferies & Co. (book-running manager); Ferris, Baker Watts; Stifel, Nicolaus & Co.; and GunnAllen Financial. First-day change: -9%.
§ Sept. 29, 2005: Avalon Pharmaceuticals Inc. (NASDAQ:AVRX): Developing small molecule drugs for treating cancer based on large-scale gene expression analysis. Lead candidate AVN944, an enzyme inhibitor licensed from Vertex Pharmaceuticals, is in early-stage clinical trials in hematologic cancers. On Sept. 29, priced 2.75M shares at $10.50 per share for gross proceeds of $28.9M. Underwriters: W.R. Hambrecht + Co. (lead); Legg Mason Wood Walker; and Susquehanna Financial Group. First-day change: -10%.
§ Sept. 28, 2005: Genomic Health Inc. (NASDAQ:GHDX): Developing genomic-based clinical diagnostic tests for cancer; the technology provides quantitative gene expression information for each patient’s tumor. The first product, Onco type DX for early-stage breast cancer, was launched in Jan. 2004. On Sept. 28, priced 5,016,722 shares at $12.00 per share for gross proceeds of $60.2M. Underwriters: JPMorgan and Lehman Brothers (joint book-running managers); Piper Jaffray; Thomas Weisel Partners; and JMP Securities. First-day change: -2%.
§ Sept. 27, 2005: Sunesis Pharmaceuticals Inc. (NASDAQ:SNSS): Using fragment-based drug discovery technology (tethering) to discover and develop small molecule drugs. Lead product, a cell cycle inhibitor, is in two Phase I clinical trials in patients with advanced solid tumors. On Sept. 27, priced 6M shares at $7.00 per share for gross proceeds of $42M. Underwriters: Lehman Brothers and SG Cowen & Co. (joint book-running managers) and Needham & Co. First-day change: -7%.
§ Aug. 10, 2005: Coley Pharmaceutical Group Inc. (NASDAQ:COLY): Developing therapeutics that stimulate Toll-like receptors (TLR) found on immune system cells and which direct the immune system to fight disease. Four product candidates are in the clinic, being developed either independently or with partners. On Aug. 10, priced 6M shares at $16.00 per share for gross proceeds of $96M. Concurrently, collaborator Pfizer Inc. bought $10M in stock in a private placement. On Aug. 15, Coley raised an additional $14.4M by selling the full overallotment (0.9M shares). Total gross proceeds: $120.4M. Underwriters: Merrill Lynch (sole book-runner); J.P. Morgan Securities (co-lead); Lazard Freres & Co. and Leerink Swann & Co. First-day change: +18%.
§ Aug. 5, 2005: Advanced Life Sciences Holdings Inc. (NASDAQ:ADLS): Developing drugs for treating infectious disease, inflammation and cancer. Lead product, the antibiotic cethromycin which was in-licensed from Abbott Laboratories, is in Phase III trials for treating respiratory tract infections. On Aug. 5, priced 6.4M shares at $5.00 per share for gross proceeds of $32M. Underwriters: C.E. Unterberg, Towbin (sole book-running manager); ThinkEquity Partners (co-lead); and Merriman Curhan Ford. First-day change: +20%.
§ July 21, 2005: Adams Respiratory Therapeutics Inc. (NASDAQ:ARXT): A specialty pharmaceutical company focused on the late-stage development and commercialization of over-the-counter and prescription drugs for treating respiratory disorders. On July 21, priced 5,697,000 shares at $17.00 per share for gross proceeds to the company of $96.8M. As well, selling shareholders sold 2,253,000 shares in the offering. On July 22, the company raised an additional $20.3M by selling the full overallotment (1,192,500 shares). Total gross proceeds to the company: $117.1M. Underwriters: Merrill Lynch and Morgan Stanley (joint book-running managers); Deutsche Bank Securities; and RBC Capital Markets. First-day change: +51%.
§ June 16, 2005: Gentium S.p.A. (AMEX:GNT): Developing drugs derived from DNA extracted from natural sources or based on synthetic oligonucleotides. Lead product candidates, which use the marketed drug defibrotide, target vascular diseases caused by toxic cancer treatments. On June 16, priced 2.4M shares at $9.00 per share for gross proceeds of $21.6M. Underwriters: Maxim Group and I-Bankers Securities. First-day change: -1%.
§ June 2, 2005: XenoPort Inc. (NASDAQ:XNPT): Developing Transported Prodrugs, which are created by modifying the chemical structure of marketed drugs such that they are actively transported from the GI tract into the bloodstream. The lead product is in Phase II clinical trials for restless legs syndrome and post-herpetic neuralgia. On June 2, priced 5M shares at $10.50 per share for gross proceeds of $52.5M. Underwriters: Morgan Stanley & Co. (book-running manager); Deutsche Bank Securities (co-lead); Pacific Growth Equities; and Lazard Freres & Co. First-day change: -1%.
§ March 3, 2005: Aspreva Pharmaceuticals Corp. (NASDAQ:ASPV): Specialty pharmaceutical company that develops new indications for approved drugs, including the development of Roche’s transplant rejection drug CellCept as an autoimmune therapy. On March 3, priced 7.2M shares at $11.00 per share for gross proceeds of $79.2M. On March 9, raised an additional $11.9M by selling the full overallotment (1.08M shares). Total gross proceeds: $91.1M. Underwriters: Merrill Lynch & Co. and Banc of America Securities (co-leads); Pacific Growth Equities and BMO Nesbitt Burns. First-day change: +34%.
§ Feb. 11, 2005: Cardiovascular Biotherapeutics Inc. (NASDAQ:CVBT): Developing drug candidate Cardio Vascu-Grow (a member of the human fibroblast growth factor-1 family) for treating cardiovascular disease. The product is currently in Phase I/II clinical trials. On Feb. 11, priced 1.5M shares at $10.00 per share for gross proceeds of $15M. On March 14, raised an additional $2.3M by selling the full overallotment (225,000 shares). Total gross proceeds: $17.3M. Underwriter: First Dunbar Securities.
§ Feb. 8, 2005: MediciNova Inc.: A specialty pharmaceutical company that is developing non-partnered drugs for the urology and obstetrics/gynecology markets and partnered drugs for asthma and anxiety. Multiple product candidates are in early-stage clinical trials. On Feb. 8, priced 30M shares at $3.88 (400 Yen) per share for gross proceeds of $116.4M. On March 9, raised an additional $6.1M by selling 1.573M shares (partial overallotment). Total gross proceeds: $122.5M. The offering was conducted in Japan; the shares trade on the Hercules Market of the Osaka Securities Exchange under the code number 4875. Underwriter: Daiwa Securities SMBC.
§ Feb. 4, 2005: Threshold Pharmaceuticals Inc. (NASDAQ:THLD): Developing small molecule drugs based on Metabolic Targeting, which targets fundamental differences in metabolism between normal and diseased cells. Three products are in the clinic; lead product, glufosfamide, is in Phase III trials as a second-line therapy for pancreatic cancer. On Feb. 4, priced 5,333,333 shares at $7.00 per share for gross proceeds of $37.3M. On March 31, raised an additional $5.5M by selling 779,268 shares (partial overallotment). Total gross proceeds: $42.8M. Underwriters: Banc of America Securities and CIBC World Markets (co-leads), Lazard Freres & Co., and William Blair & Co. First-day change: +2%.
§ Feb. 3, 2005: Icagen Inc. (NASDAQ:ICGN): Developing small molecule drugs that modulate ion channel targets. Three compounds are in clinical trials; the most advanced is currently in Phase IIIs for treating sickle cell anemia. On Feb. 3, priced 5M shares at $8.00 per share for gross proceeds of $40M. On March 10, raised an additional $0.8M by selling 0.1M shares (partial overallotment). Total gross proceeds: $40.8M. Underwriters: UBS Investment Bank and JPMorgan (co-leads) and CIBC World Capital Markets. First-day change: -9%.
§ Feb. 2, 2005: Favrille Inc. (NASDAQ:FVRL): Developing targeted immunotherapies for cancer and other diseases of the immune system. Lead product FavId, for treating non-Hodgkin’s lymphoma, is in Phase III clinical trials. On Feb. 2, priced 6M shares at $7.00 per share for gross proceeds of $42M. On March 8, raised an additional $2M by selling 285,000 shares (partial overallotment). Total gross proceeds: $44M. Underwriters: Bear, Stearns & Co. (sole book-running manager); CIBC World Markets; Needham & Co.; and A.G. Edwards & Sons. First-day change: -3%.
§ Jan. 20, 2005: ViaCell Inc. (NASDAQ:VIAC): Developing stem cell-based therapies for cancer, infertility and certain genetic and cardiac diseases. Lead product, for use in bone marrow and other hematopoietic stem cell transplants, is in Phase I clinical trials. The company also markets Viacord, for the cryopreservation of umbilical cord blood stem cells. On Jan. 20, priced 7.5M shares at $7.00 per share for gross proceeds of $52.5M. On Jan. 27, raised an additional $7.9M by selling the full overallotment (1.125M shares). Total gross proceeds: $60.4M. Underwriters: Credit Suisse First Boston and UBS Investment Bank (co-leads), Lazard Freres & Co., and Leerink Swann & Co. First-day change: +24%.
Completed Follow-Ons
§ Dec. 21, 2005: Biopure Corp. (NASDAQ:BPUR) priced a follow-on offering of 8.8M shares (plus 8.8M warrants) at $0.68 per share plus warrant for gross proceeds of $6M. On Dec. 28, raised an additional $0.9M by selling the full overallotment (1.32M shares and warrants). Total gross proceeds: $6.9M. Underwriters: Dawson James Securities and Noble International Investments.
§ Dec. 15, 2005: OXiGENE Inc. (NASDAQ:OXGN) priced a follow-on offering of 6.5M shares at $3.65 per share for gross proceeds of $23.7M. On Dec. 21, raised an additional $3.6M by selling the full overallotment (975,000 shares). Total gross proceeds: $27.3M. Underwriters: SG Cowen & Co. (sole book-running manager) and Lazard Capital Markets.
§ Dec. 7, 2005: Dendreon Corp. (NASDAQ:DNDN) priced a follow-on offering of 10M shares at $4.50 per share for gross proceeds of $45M. On Dec. 12, raised an additional $6.8M by selling the full overallotment (1.5M shares). Total gross proceeds: $51.8M. Underwriters: Banc of America Securities (book-running manager); JMP Securities; and Lazard Capital Markets.
§ Dec. 7, 2005: ViroPharma Inc. (NASDAQ:VPHM) priced a follow-on offering of 9M shares at $16.75 per share for gross proceeds of $150.8M. On Dec. 9, raised an additional $22.6M by selling the full overallotment (1.35M shares). Total gross proceeds: $173.4M. Underwriters: Goldman, Sachs & Co. (sole book-running manager); Piper Jaffray & Co. (joint lead manager); SG Cowen & Co.; and Lazard Capital Markets.
§ Nov. 22, 2005: Point Therapeutics Inc. (NASDAQ:POTP) priced a follow-on offering of 8.05M shares at $3.00 per share for gross proceeds of $24.2M. On Dec. 2, raised an additional $3.6M by selling the full overallotment (1,207,500 shares). Total gross proceeds: $27.8M. Underwriters: Pacific Growth Equities (sole book-running manager) and CIBC World Markets.
§ Nov. 18, 2005: Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) priced a follow-on offering of 5M shares at $25.25 per share for gross proceeds of $126.3M. Underwriters: Morgan Stanley & Co. and Merrill Lynch (joint book-running managers).
§ Nov. 16, 2005: Digene Corp. (NASDAQ:DIGE) priced a follow-on offering of 3M shares at $28.00 per share. Of those, the company sold 2M shares for gross proceeds of $56M. A selling shareholder sold the rest. On Dec. 15, raised an additional $8.4M by selling 0.3M shares. The selling shareholder sold 150,000 additional shares. Total gross proceeds to company: $64.4M. Underwriters: JP Morgan Securities (sole book-running manager); Thomas Weisel Partners (joint lead manager); Goldman, Sachs; and SG Cowen.
§ Nov. 4, 2005: Senomyx Inc. (NASDAQ:SNMX) priced a follow-on offering of 3,521,126 shares at $14.60 per share for gross proceeds of $51.4M. On Nov. 10, raised an additional $7.7M by selling the full overallotment (528,169 shares). Total gross proceeds: $59.1M. Underwriter: Deutsche Bank Securities.
§ Nov. 3, 2005: Myriad Genetics Inc. (NASDAQ:MYGN) priced a follow-on offering of 7M shares at $18.50 per share for gross proceeds of $129.5M. On Nov. 8, raised an additional $19.4M by selling the full overallotment (1.05M shares). Total gross proceeds: $148.9M. Underwriters: JP Morgan Securities (sole book-running manager); Bear, Stearns & Co. and UBS Securities (co-leads); Piper Jaffray; First Albany Capital; and JMP Securities.
§ Nov. 2, 2005: Durect Corp. (NASDAQ:DRRX) priced a follow-on offering of 7.4M shares at $5.00 per share. Of those shares, the company sold 7,367,744 for gross proceeds of $36.8M and selling stockholders sold the rest. On Nov. 15, the company raised an additional $4.1M by selling its portion of the overallotment option in full (815,530 shares). Selling shareholders also sold 294,470 shares. Total gross proceeds to the company: $40.9M. Underwriters: Morgan Stanley (sole book-running manager); J.P. Morgan Securities (co-lead); CIBC World Markets; and WR Hambrecht + Co.
§ Oct. 26, 2005: Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) priced a follow-on offering of 8,220,527 shares at $20.61 per share. Of those, the company sold 7,278,020 shares for gross proceeds of $150M. Selling shareholders sold the remaining 942,507 shares. Underwriters: Morgan Stanley (sole book-running manager) and Bear, Stearns & Co.
§ Oct. 12, 2005: Threshold Pharmaceuticals Inc. (NASDAQ:THLD) priced a follow-on offering of 6.25M shares at $10.46 per share for gross proceeds of $65.4M. Underwriters: Morgan Stanley (sole book-running manager); CIBC World Markets; and Lazard Capital Markets.
§ Oct. 11, 2005: GTx Inc. (NASDAQ:GTXI) priced a follow-on offering of 5.5M shares at $7.80 per share for gross proceeds of $42.9M. On Oct. 14, raised an additional $6.4M by selling the full overallotment (825,000 shares). Total gross proceeds: $49.3M. Underwriters: Lazard Capital Markets and SG Cowen (joint book-running managers).
§ Oct. 11, 2005: Dynavax Technologies Corp. (NASDAQ:DVAX) priced a follow-on offering of 5M shares at $6.25 per share for gross proceeds of $31.3M. On Nov. 10, raised an additional $4.5M by selling 720,000 shares (partial overallotment). Total gross proceeds: $35.8M. Underwriters: Bear, Stearns & Co. (lead); CIBC World Markets; and Pacific Growth Equities.
§ Oct. 6, 2005: CoTherix Inc. (NASDAQ:CTRX) priced a follow-on offering of 4.5M shares at $13.00 per share. The company sold 4M shares for gross proceeds of $52M. Selling shareholders sold the remaining 0.5M shares. On Oct. 19, the company raised an additional $4.4M by selling half the overallotment (337,500 shares) for total gross proceeds to the company of $56.4M. Selling shareholders also sold half the overallotment. Underwriters: CIBC World Markets and UBS Investment Bank (joint book-running managers); Piper Jaffray; and Needham & Co.
§ Oct. 6, 2005: Panacos Pharmaceuticals Inc. (NASDAQ:PANC) priced a follow-on offering of 8.25M shares at $10.50 per share for gross proceeds of $86.6M. Underwriters: SG Cowen and Bear, Stearns (joint book-running managers); Needham & Co. and Leerink Swann.
§ Sept. 30, 2005: BioDelivery Sciences International Inc. (NASDAQ:BDSI) priced a follow-on offering of 4.4M shares at $2.00 per share for gross proceeds of $8.8M. Underwriters: Ferris, Baker Watts (lead); Maxim Group; and GunnAllen Financial.
§ Sept. 23, 2005: Renovis Inc. (NASDAQ:RNVS) priced a follow-on offering of 4M shares at $13.50 per share for gross proceeds of $54M. Underwriters: Goldman, Sachs & Co. (sole book-running manager); CIBC World Markets; Piper Jaffray; and SG Cowen & Co.
§ Sept. 22, 2005: Acusphere Inc. (NASDAQ:ACUS) priced a follow-on offering of 3,566,000 shares at $5.25 per share for gross proceeds of $18.7M. Underwriter: Piper Jaffray.
§ Sept. 16, 2005: Geron Corp. (NASDAQ:GERN) priced a follow-on offering of 6M shares at $9.00 per share for gross proceeds of $54M. On Sept. 20, raised an additional $8.1M by selling the full overallotment (0.9M shares). Total gross proceeds: $62.1M. Underwriters: UBS Investment Bank (sole book-running manager); SG Cowen & Co.; Needham & Co.; Lazard Capital Markets; Rodman & Renshaw; and WBB Securities.
§ Sept. 16, 2005: Meridian Bioscience Inc. (NASDAQ:VIVO) priced a follow-on offering of 3.3M shares at $17.50 per share. Of those, the company sold 1.8M shares for gross proceeds of $31.5M and a shareholder sold the remaining 1.5M shares. Underwriter: Robert W. Baird.
§ Sept. 16, 2005: Myogen Inc. (NASDAQ:MYOG) priced a follow-on offering of 4,675,082 shares at $23.25 per share for gross proceeds of $108.7M. On Sept. 21, raised an additional $16.3M by selling the full overallotment (701,262 shares). Total gross proceeds: $125M. Underwriter: Goldman, Sachs & Co. (sole book-running manager); CIBC World Markets; First Albany Capital; and Lazard Capital Markets.
§ Sept. 14, 2005: Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) priced a follow-on offering of 2.5M shares at $23.90 per share for gross proceeds of $59.8M. Underwriters: UBS Investment Bank and CIBC World Markets (joint book-running managers).
§ Sept. 9, 2005: NPS Pharmaceuticals Inc. (NASDAQ:NPSP) priced a follow-on offering of 7M shares at $11.35 per share for gross proceeds of $79.5M. Underwriter: Lehman Brothers.
§ Aug. 30, 2005: Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) priced a follow-on offering of 5,068,138 shares at $31.00 per share for gross proceeds of $157.1M. Underwriter: Goldman, Sachs & Co.
§ Aug. 25, 2005: Nastech Pharmaceutical Company Inc. (NASDAQ:NSTK) priced a follow-on offering of 1.725M shares at $13.50 per share for gross proceeds of $23.3M. Underwriters: Needham & Co. (book-running manager); SunTrust Robinson Humphrey; and Delafield Hambrecht.
§ Aug. 17, 2005: Exelixis Inc. (NASDAQ:EXEL) priced a follow-on offering of 6.5M shares at $7.75 per share for gross proceeds of $50.4M. Underwriter: Goldman, Sachs & Co.
§ Aug. 12, 2005: Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) priced a follow-on offering of 2.5M shares at $26.75 per share for gross proceeds of $66.9M. Underwriter: Morgan Stanley & Co.
§ Aug. 10, 2005: CuraGen Corp. (NASDAQ:CRGN) priced a follow-on offering of 4M shares at $5.50 per share for gross proceeds of $22M. Underwriter: Bear, Stearns & Co.
§ Aug. 5, 2005: ARIAD Pharmaceuticals Inc. (NASDAQ:ARIA) priced a follow-on offering of 7.5M shares at $7.20 per share for gross proceeds of $54M. On Aug. 19, raised an additional $8.1M by selling the full overallotment (1.125M shares). Total gross proceeds: $62.1M. Underwriters: Lehman Brothers (book-running manager); Lazard Capital Markets; and SG Cowen & Co.
§ Aug. 4, 2005: Anadys Pharmaceuticals Inc. (NASDAQ:ANDS) priced a follow-on offering of 5M shares at $12.40 per share for gross proceeds of $62M. On Aug. 8, raised an additional $9.3M by selling the full overallotment (750,000 shares). Total gross proceeds: $71.3M. Underwriters: Credit Suisse First Boston and SG Cowen & Co. (joint book-running managers); Piper Jaffray; and Needham & Co.
§ Aug. 4, 2005: ZymoGenetics Inc. (NASDAQ:ZGEN) priced a follow-on offering of 7.5M shares at $18.00 per share for gross proceeds of $135M. Underwriters: Merrill Lynch (lead); Pacific Growth Equities; Bear, Stearns & Co.; and Piper Jaffray.
§ July 21, 2005: Momenta Pharmaceuticals Inc. (NASDAQ:MNTA) priced a follow-on offering of 4,827,300 shares at $27.02 per share for gross proceeds of $130.4M. Underwriters: Morgan Stanley (book-running manager); Deutsche Bank Securities (co-lead); Banc of America Securities; and SG Cowen.
§ July 15, 2005: Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) priced a follow-on offering of 5.03M shares at $14.05 per share for gross proceeds of $70.7M. On July 18, raised an additional $10.5M by selling the full overallotment (750,000 shares). Total gross proceeds: $81.2M. Underwriters: JPMorgan Securities (book-running manager); Bear, Stearns & Co. (co-lead); Jefferies & Co.; Oppenheimer & Co.; Brean Murray & Co.; and Punk, Ziegel & Co.
§ July 15, 2005: Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) priced a follow-on offering of 3.65M shares at $20.75 per share for gross proceeds of $75.7M. On July 21, raised an additional $11.4M by selling the full overallotment (547,500 shares). Total gross proceeds: $87.1M. Underwriters: Credit Suisse First Boston and Lehman Brothers (joint book-running managers).
§ July 14, 2005: BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) priced a follow-on offering of 8.5M shares at $7.05 per share for gross proceeds of $59.9M. Underwriter: Merrill Lynch.
§ June 29, 2005: CV Therapeutics Inc. (NASDAQ:CVTX) priced a follow-on offering of 7.3M shares at $21.60 per share for gross proceeds of $157.7M. On July 7, raised an additional $22.7M by selling the full overallotment (1.05M shares). Total gross proceeds: $180.4M. Underwriters: Lehman Brothers and Merrill Lynch & Co. (joint lead managers); Piper Jaffray; SG Cowen & Co.; and First Albany Capital.
§ June 10, 2005: Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) priced a follow-on offering of 1,532,467 shares at $19.25 per share for gross proceeds of $29.5M. Underwriter: UBS Investment Bank.
§ June 7, 2005: Vertex Pharmaceuticals Inc. (NASDAQ:VRTX) priced a follow-on offering of 11.75M shares at $13.00 per share for gross proceeds of $152.8M. On June 15, raised an additional $22.9M by selling the full overallotment (1,762,500 shares). Total gross proceeds: $175.7M. Underwriters: Merrill Lynch, Pierce, Fenner & Smith (sole book-running manager); J.P. Morgan Securities; and UBS Securities.
§ May 25, 2005: SeraCare Life Sciences Inc. (NASDAQ:SRLS) priced a follow-on offering of 3.024M shares at $12.25 per share for gross proceeds to the company of $37M. As well, selling stockholders sold 476,000 shares in the offering. On June 1, the company raised an additional $5.6M by selling the full overallotment (453,600 shares). Total gross proceeds to company: $42.6M. As well, selling stockholders sold their full overallotment (71,400 shares). Underwriters: CIBC World Markets (sole book-running manager); Thomas Weisel Partners; and William Blair & Co.
§ April 1, 2005: Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) priced a follow-on offering of 2M shares at $15.25 per share for gross proceeds of $30.5M. Underwriters: CIBC World Markets and UBS Investment Bank (joint book-running managers).
§ March 18, 2005: Cardiome Pharma Corp. (NASDAQ:CRME; TSX:COM) priced a follow-on offering of 8.5M shares at $6.00 per share for gross proceeds of $51M. On March 30, raised an additional $7.6M by selling the full overallotment (1.275M shares). Total gross proceeds: $58.6M. Underwriters: UBS Investment Bank and CIBC World Markets (joint book-running managers); GMP Securities; Leerink Swann; First Associates Investments; and Orion Securities.
§ March 10, 2005: SFBC International Inc. (NASDAQ:SFCC) priced a follow-on offering of 3.078M shares at $38.00 per share for gross proceeds to the company of $117.0M. As well, selling stockholders sold 422,000 shares in the offering. Underwriters: UBS Investment Bank (book-running manager) and Jefferies & Co.
§ March 10, 2005: Vivus Inc. (NASDAQ:VVUS) priced a follow-on offering of 6.25M shares at $3.40 per share for gross proceeds of $21.3M. Underwriters: SG Cowen & Co. (book-running manager) and Wachovia Capital Markets.
§ March 4, 2005: Neurochem Inc. (NASDAQ:NRMX) priced a follow-on offering of 4M shares at $15.30 per share for gross proceeds of $61.2M. Underwriters: UBS Investment Bank (book-running manager); CIBC World Markets; Piper Jaffray; Desjardins Securities; and Wells Fargo Securities.
§ Feb. 18, 2005: Neose Technologies Inc. (NASDAQ:NTEC) priced a follow-on offering of 7M shares at $4.00 per share for gross proceeds of $28M. On Feb. 24, raised an additional $4.2M by selling the full overallotment (1.05M shares). Total gross proceeds: $32.2M. Underwriters: UBS Investment Bank (book-running manager); J.P. Morgan Securities; and Jefferies & Co.
§ Feb. 17, 2005: Acusphere Inc. (NASDAQ:ACUS) priced a public offering of 0.9M shares of 6.5% convertible exchangeable preferred stock at $50.00 per share for gross proceeds of $45M. Underwriters: Piper Jaffray (book-running manager); SG Cowen; and C.E. Unterberg, Towben.
§ Feb. 10, 2005: Barrier Therapeutics Inc. (NASDAQ:BTRX) priced a follow-on offering of 4M shares at $19.50 per share. Of those, the company sold 2M for gross proceeds of $39M and selling shareholders sold the rest. Underwriters: Morgan Stanley (book-running manager); Pacific Growth Equities; and J.P. Morgan Securities.
§ Feb. 10, 2005: CoTherix Inc. (NASDAQ:CTRX) priced a follow-on offering of 4M shares at $8.90 per share for gross proceeds of $35.6M. On Feb. 15, raised an additional $2.2M by selling 250,000 shares (partial overallotment). Total gross proceeds: $37.8M. Underwriters: CIBC World Markets and Piper Jaffray (joint book-running managers); Needham & Co.; and Thomas Weisel Partners.
§ Feb. 8, 2005: Tercica Inc. (NASDAQ:TRCA) priced a follow-on offering of 6M shares at $8.00 per share for gross proceeds of $48M. On Feb. 10, raised an additional $7.2M by selling the full overallotment (0.9M shares). Total gross proceeds: $55.2M. Underwriters: Lehman Brothers (book-running manager); SG Cowen (co-lead); Robert W. Baird; Friedman, Billings, Ramsey; and Harris Nesbitt.
§ Feb. 4, 2005: Northfield Laboratories Inc. (NASDAQ:NFLD) priced a follow-on offering of 4.5M shares at $15.00 per share for gross proceeds of $67.5M. On Feb. 7, raised an additional $10.1M by selling the full overallotment (675,000 shares). Total gross proceeds: $77.6M. Underwriters: UBS Investment Bank (book-running manager); SG Cowen (co-lead); and Harris Nesbitt.
§ Feb. 3, 2005: Bioenvision Inc. (NASDAQ:BIVN) priced a follow-on offering of 7.5M shares at $8.00 per share for gross proceeds of $60M. Underwriters: J. P. Morgan Securities and UBS Investment Bank (joint book-running managers); CIBC World Markets; and Friedman, Billings, Ramsey & Co.
§ Feb. 2, 2005: Nuvelo Inc. (NASDAQ:NUVO) priced a follow-on offering of 8.5M shares at $7.50 per share for gross proceeds of $63.8M. On Feb. 7, raised an additional $9.5M by selling the full overallotment (1.275M shares). Total gross proceeds: $73.3M. Underwriters: UBS Securities (book-running manager); Deutsche Bank Securities (co-lead); CIBC World Markets; and Needham & Co.
§ Feb. 1, 2005: Arena Pharmaceuticals Inc. (NASDAQ:ARNA) priced a follow-on offering of 7.5M shares at $6.00 per share for gross proceeds of $45M. On Feb. 8, raised an additional $6.8M by selling the full overallotment (1.125M shares). Total gross proceeds: $51.8M. Underwriters: CIBC World Markets (book-running manager); Piper Jaffray (co-lead); Needham & Co.; Granite Financial Group; and Morgan Joseph & Co.
§ Jan. 28, 2005: La Jolla Pharmaceutical Co. (NASDAQ:LJPC) priced a follow-on offering of 12.25M shares at $1.40 per share for gross proceeds of $17.2M. Underwriter: Pacific Growth Equities.
§ Jan. 28, 2005: Telik Inc. (NASDAQ:TELK) priced a follow-on offering of 7M shares at $18.75 per share for gross proceeds of $131.3M. On Feb. 9, raised an additional $19.6M by selling the full overallotment (1.05M shares). Total gross proceeds: $150.9M. Underwriters: UBS Investment Bank (book-running manager); J.P. Morgan Securities; and Lehman Brothers.
§ Jan. 27, 2005: Zonagen Inc. (NASDAQ:ZONA) priced a follow-on offering of 4.4M shares at $4.00 per share for gross proceeds of $17.6M. On Feb. 1, raised an additional $2.6M by selling the full overallotment (660,000 shares). Total gross proceeds: $20.2M. Underwriters: Punk, Ziegel & Co. (lead) and WR Hambrecht + Co.
§ Jan. 21, 2005: Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) priced a follow-on offering of 8M shares at $22.00 per share for gross proceeds of $176M. On Jan. 27, raised an additional $26.4M by selling the full overallotment (1.2M shares). Total gross proceeds: $202.4M. Underwriters: Morgan Stanley & Co. (book-running manager); Goldman, Sachs & Co. (joint lead manager); Banc of America Securities; J.P. Morgan Securities; and Wachovia Capital Markets.
§ Jan. 21, 2005: Martek Biosciences Corp. (NASDAQ:MATK) priced a follow-on offering of 1,527,490 shares at $49.10 per share for gross proceeds of $75M. On Jan. 26, raised an additional $11.2M by selling the full overallotment (229,124 shares). Total gross proceeds: $86.2M. Underwriters: Citigroup (book-running manager); Adams Harkness (co-lead); Needham & Co.; First Albany Capital; and D.A. Davidson & Co.
§ Jan. 20, 2005: ISTA Pharmaceuticals Inc. (NASDAQ:ISTA) priced a follow-on offering of 5.5M shares at $8.88 per share for gross proceeds of $48.8M. On Jan. 26, raised an additional $7.3M by selling the full overallotment (825,000 shares). Total gross proceeds: $56.1M. Underwriters: Banc of America Securities and Thomas Weisel Partners (joint book-running managers); Lazard Freres & Co.; and C.E. Unterberg, Towbin.
Postponements And Withdrawals
§ Dec. 20, 2005: Prestwick Pharmaceuticals Inc.: A specialty pharmaceutical company that focuses on drugs for chronic CNS diseases. The company has in-licensed rights to 5 product candidates. One product, tetrabenazine, is marketed in Canada for treating hyperkinetic movement disorders; the company is seeking its approval in the U.S. On Dec. 20, the company withdrew its proposed $74.8M IPO. It filed the registration statement April 22, 2005. Underwriters: UBS Investment Bank and Deutsche Bank Securities (co-leads) and CIBC World Markets.
§ Dec. 13, 2005: Voyager Pharmaceutical Corp.: Developing drugs for diseases associated with aging and development. Lead product Memryte is in Phase III trials for use as an adjunctive therapy with acetylcholinesterase inhibitors for treating mild to moderate Alzheimer’s disease. On Dec. 13, the company withdrew its proposed IPO of 4.5M shares at $11-$15 per share. It filed the registration statement Sept. 9, 2005. Underwriter: WR Hambrecht + Co.
§ Nov. 17, 2005: Reliant Pharmaceuticals Inc.: A specialty pharmaceutical company that markets a portfolio of branded cardiovascular products. On Nov. 17, the company withdrew its proposed $300M IPO. It filed the registration statement May 20, 2005. Underwriters: Goldman, Sachs & Co. (sole book-runner); Banc of America Securities; Deutsche Bank Securities; JP Morgan; William Blair & Co.; and Lazard Capital Markets.
§ Oct. 26, 2005: Predix Pharmaceuticals Holdings Inc.: Developing small molecule drugs that target G-protein coupled receptors and ion channels. Three drug candidates are in the clinic; the lead product PRX-00023 is being tested in patients with generalized anxiety disorder. On Oct. 26, the company withdrew its proposed IPO of 5M shares at $10-$12 per share. It filed the registration statement Aug. 3, 2005. Underwriters: UBS Investment Bank (book-running manager); Deutsche Bank Securities (co-lead); CIBC World Markets; and ThinkEquity Partners.
§ Oct. 20, 2005: SkinMedica Inc.: A specialty pharmaceutical company that focuses on developing, acquiring and commercializing products that treat dermatologic conditions and diseases and improve the appearance of the skin. The company markets 2 pharmaceutical products and 19 cosmeceutical products. On Oct. 20, the company withdrew its proposed IPO of 5.25M shares at $11-$13 per share. It filed the registration statement April 27, 2005. Underwriters: SG Cowen (sole book-runner); Piper Jaffray and Thomas Weisel Partners (co-leads); and C.E. Unterberg, Towbin.
§ Sept. 23, 2005: GTx Inc. (NASDAQ:GTXI) postponed its proposed follow-on offering of 5M shares, which it announced Sept. 15. Underwriters: Goldman, Sachs & Co. (sole book-running manager); Lazard Capital Markets; and SG Cowen & Co.
§ Sept. 22, 2005: Intarcia Therapeutics Inc.: Formerly known as BioMedicines Inc., this specialty pharmaceutical company focuses on therapies for cancer and infectious disease. The lead product, which combines atamestane and toremifene, is in Phase III clinical trials for hormone-dependent advanced breast cancer in postmenopausal women. On Sept. 22, the company withdrew its proposed $86.25M IPO. It filed the registration statement Feb. 4, 2005. Underwriters: Credit Suisse First Boston (lead); Pacific Growth Equities; and Lazard Freres & Co. Note: This was the second time the company had filed for an IPO. As BioMedicines, it filed an S-1 in November 2000 but withdrew that filing in April 2001.
§ Aug. 31, 2005: Celldex Therapeutics Inc.: Developing therapeutic vaccines and other monoclonal antibody-based products designed to either enhance or suppress the immune system. Lead cancer vaccine candidate is about to enter clinical trials. The company was spun out of Medarex Inc. in May 2003 under the name MabVac Inc. On Aug. 31, the company withdrew its proposed IPO of 4M shares at $8-$10 per share. It filed the registration statement April 9, 2004. Underwriter: Janney Montgomery Scott.
§ Aug. 5, 2005: Nastech Pharmaceutical Company Inc. (NASDAQ:NSTK) withdrew its proposed follow-on offering of 1.5M shares, which it announced Aug. 1. Underwriters: Needham & Co. (lead book-running manager); SunTrust Robinson Humphrey; and Delafield Hambrecht.
§ June 23, 2005: Peninsula Pharmaceuticals Inc.: A specialty pharmaceutical company that is developing anti-infective therapies. Its lead product doripenem, a broad-spectrum antibiotic, has completed Phase II trials for treating complicated urinary tract infections in hospitalized patients. On June 23, the company withdrew its proposed IPO of 5.75M shares at $12-$14 per share. It had originally postponed the offering on March 8, 2004 and filed the initial registration statement Dec. 16, 2003. Underwriters: Credit Suisse First Boston (lead), Bear, Stearns & Co.; First Albany Capital; and Legg Mason Wood Walker.
§ June 10, 2005: Synta Pharmaceuticals Corp.: Developing small molecule drugs for inflammatory diseases, cancer and diabetes. Three drug candidates are in clinical trials, including a small molecule inhibitor of IL-12 and IL-23 in Phase II trials for treating Crohn’s disease and psoriasis. On June 10, the company withdrew its proposed IPO of 6M shares at $14-$16 per share. It had postponed the offering on May 3, 2005. It filed the registration statement Jan. 18, 2005. Underwriters: Morgan Stanley (lead); Lehman Brothers; and Lazard Freres & Co.
§ May 19, 2005: EpiCept Corp.: A specialty pharmaceutical company that is developing topically delivered drugs for pain management. Three of the six products in the clinic are in late-stage trials. On May 19, the company withdrew its proposed IPO of 5.5M shares at $6-$7 per share. It filed the registration statement Jan. 10, 2005. Underwriters: Wachovia Securities (lead) and C.E. Unterberg, Towbin.
§ May 12, 2005: Salmedix Inc.: Developing small molecule drugs for treating hematologic malignancies. Three product candidates, each with prior human clinical experience, are in Phase II trials. On May 12, the company withdrew its proposed $86.25M IPO. It filed the registration statement April 23, 2004. Underwriters: SG Cowen Securities (sole book-running manager), Pacific Growth Equities, JMP Securities, and ThinkEquity Partners.
§ March 16, 2005: Targacept Inc.: Developing drugs to treat nervous system disorders, based on targeting neuronal nicotinic acetylcholine receptors. One product is on the market and four others are in clinical trials. On March 16, the company withdrew the registration statement for its proposed IPO of 6.25M shares at $11-$13 per share. It had postponed the offering on Feb. 28, 2005. It filed the registration statement May 14, 2004. Underwriters: Morgan Stanley (book-running manager), Deutsche Bank Securities, CIBC World Markets, and Pacific Growth Equities.
originally published 01/05/2005 |