I. COMMENCED TRADING IN DECEMBER | ||||||||
Company |
Date |
Date |
Shares/ |
Price | Shares |
Lead, Other |
Gross |
Post- |
INITIAL OFFERINGS | ||||||||
Affymax Inc. |
7/28/06 |
12/15/06 |
4.255S |
$25 |
14.87 |
Morgan Stanley & Co., |
$106.4 |
$371.8 |
Newron |
11/20/06 |
12/8/06 |
2.147S |
CHF55($45.65) |
5.82S |
Lehman Brothers, Morgan Stanley (co-lead), Bank Vontobel, Sal.Oppenheim |
CHF118.1 |
CHF320.1 |
Pacgen Bio- |
11/28/06 |
12/8/06 |
6.789S and 3.4W |
C$1.05 |
30.52 |
Canaccord Capital, Jennings Capital |
C$7.13 |
C$32.0 ($27.8) |
OVERALLOTMENT OPTIONS | ||||||||
Santhera |
10/23/06 |
11/24/06 |
0.148S |
CHF90 |
3.10 |
Deutsche Bank AG, Piper Jaffray, WestLB AG, Zurcher Kantonalbank |
CHF13.3 ($10.9) |
CHF278.9 ($230) |
Total: $220.0M | ||||||||
Number of IPOs in December: 3 | ||||||||
Average value of December IPOs: $70.37M | ||||||||
Number of IPOs in 2006: 32 | ||||||||
Total raised in IPOs in 2006: $1,659.18M | ||||||||
Average value of IPOs in 2006: $51.85M | ||||||||
FOLLOW-ON OFFERINGS | ||||||||
Company |
Date |
Date |
Shares/ |
Price | Shares Out (M)@ | Lead, Other |
Gross |
Post- |
Advanced |
8/11/06 |
12/7/06 |
2.103S |
$62 |
14.05 |
Morgan Stanley & Co., UBS Securities (co-lead), Jefferies & Co., ThinkEquity Partners |
$130.4 |
$871.1 |
Alnylam |
11/27/06 |
12/12/06 |
4.7S |
$22 |
37.00 |
Banc of America |
$103.4 |
$814.0 |
Arena |
11/28/06 |
12/8/06 |
13.225S |
$13.21 |
60.68 |
CIBC World Markets, Cowen and Co. (co-lead), Piper Jaffray & Co. co-lead), Needham & Co., Leerink Swann & Co., Fortis Securities, Morgan Joseph & Co., Oppenheimer & Co. |
$174.7 |
$801.5 |
Biopure |
12/7/06 |
12/8/06 |
28.35U |
$0.64 |
77.72 |
Dawson James, Securities |
$18.1 |
$49.7 |
MannKind |
11/27/06 |
12/7/06 |
23S |
$17.42 |
72.90 |
JP Morgan Securities, Merrill Lynch & Co. (co-lead), Wachovia Capital Markets, CIBC World Markets, Leerink Swann & Co. |
$400.7 |
$1,270.0 |
Omrix Bio- |
12/4/06 |
12/15/06 |
1.5S |
$32 |
16.39 |
UBS Investment Bank, Citigroup (co-lead), CIBC World Markets, Rodman & Renshaw |
$48 |
$524.5 |
Total: $875.3M | ||||||||
Number of follow-on offerings in December: 6 | ||||||||
Average value of December follow-ons: $145.88M | ||||||||
Number of follow-on offerings in 2006: 40 | ||||||||
Total raised in follow-ons in 2006: $4,967.67M | ||||||||
Average value of follow-ons in 2006: $124.19M | ||||||||
Notes: | ||||||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||||||
@ This column reflects the shares outstanding following the offering, when disclosed. | ||||||||
% Market capitalization is calculated based on the offering price. | ||||||||
Currency conversions are based on exchange rates at the time of the deal. | ||||||||
CDNX = Canadian Venture Exchange; SWX = Swiss Stock Exchange. | ||||||||
1. Affymax raised $106.4M in an IPO of 4.255M shares. Totals include the underwriters' purchase of 555,000 shares per their overallotment option. | ||||||||
2. Newron raised CHF118.1M an IPO on the Swiss Stock Exchange. Underwriters have an option to purchase up to 322,141 additional shares to cover overallotments. | ||||||||
3. Pacgen raised C$7.13M in an IPO on the Canadian Venture Exchange. Units consisted of one share and one-half a warrant; each whole, one-year warrant is exercisable at C$1.20 per share. Underwriters have an option to purchase up to about 1M additional units to cover overallotments. | ||||||||
4. Underwriters of Santhera's IPO in November exercised their option late in November on about 0.148M additional shares. The IPO totaled about 1.132M shares and CHF101.8M in gross proceeds. | ||||||||
5. Advanced Magnetics raised about $130.4M in a follow-on offering of 2.103M shares. Underwriters have an option to purchase up to 315,450 additional shares to cover overallotments. | ||||||||
6. Alnylam raised $103.4M in a follow-on offering of 4.7M shares. The underwriter has an option to purchase up to 705,000 additional shares to cover overallotments. | ||||||||
7. Arena raised $174.7M in a follow-on offering of 13.225M shares. Totals include the underwriters' purchase of 1.725M shares per their overallotment option. | ||||||||
8. Biopure raised $18.1M in an offering of units consisting of 28.35M shares and 28.35M five-year warrants, which are exercisable at $0.80 per share. Totals include the underwriter's purchase of 3.35M units per its overallotment option. | ||||||||
9. MannKind raised $400.7M in a follow-on offering of 23M shares. Totals include the underwriters' purchase of 3M shares per their overallotment option. | ||||||||
10. Omrix raised $48M in a follow-on offering of 1.5M shares Totals do not include 0.75M shares sold by existing shareholders. Underwriters have an option to purchase up to 337,500 additional shares to cover overallotments. | ||||||||
II. FILED AND PENDING | ||||||||
Company |
Date Filed | Shares/ |
Price |
Shares |
Lead, Other |
Value |
INITIAL OFFERINGS | ||||||
Light Sciences |
4/21/06 |
5.25S |
$14-$16 |
N/A |
Cowen & Co., Wachovia Securities (co-lead), Jefferies & Co., Thomas Weisel Partners |
$78.75 |
Molecular |
11/8/05 |
N/A |
N/A |
N/A |
Piper Jaffray & Co., Cowen & Co. (co-lead), Oppenheimer & Co., Roth Capital Partners |
$57.5 |
OncoGenex |
12/13/06 |
N/A |
N/A |
N/A |
RBC Capital Markets, Needham & Co., Lazard Capital Markets, Canaccord Adams, Susquehanna Financial Group |
$48 |
Optimer |
11/9/06 |
N/A |
N/A |
N/A |
Piper Jaffray & Co., Jefferies & Co. (co-lead), JMP Securities, Rodman & Renshaw |
$86.25 |
Orexigen |
12/16/06 |
N/A |
N/A |
N/A |
Merrill Lynch & Co., JP Morgan Securities (co-lead), JMP Securities, Leerink Swann & Co. |
$86.25 |
Perlegen |
4/10/06 |
N/A |
N/A |
N/A |
Lehman Brothers, Deutsche Bank Securities (co-lead), Piper Jaffray & Co., Allen & Co. |
$115 |
Pharmasset |
5/9/06 |
N/A |
N/A |
N/A |
Banc of America Securities, UBS Investment Bank (co-lead), JMP Securities |
$75 |
PTC |
3/31/06 |
N/A |
N/A |
N/A |
Morgan Stanley & Co., JP Morgan Securities (co-lead), Pacific Growth Equities |
$86.25 |
Rosetta |
9/7/06 |
3S |
$11-$13 |
N.A |
C.E. Unterberg, Towbin, Oppenheimer & Co., Maxim Group |
$36 |
Sucampo |
6/19/06 |
N/A |
N/A |
N/A |
Banc of America Securities, Deutsche Bank Securities (co-lead), Leerink Swann & Co. |
$86.25 |
Synta |
11/22/06 |
N/A |
N/A |
N/A |
Bear, Stearns & Co., Lehman Brothers (co-lead), Lazard Capital Markets, Montgomery & Co. |
$115 |
FOLLOW-ON OFFERINGS | ||||||
Aradigm Corp. |
10/24/06 |
23S |
$1.43 |
N/A |
Punk Ziegel & Co. |
$32.9 |
Notes: | ||||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange; general shelf registration statements are not included until action is taken on the filing. | ||||||
* Stock symbols for companies seeking to complete IPOs are proposed. | ||||||
@ This column reflects the shares outstanding following the offering, when disclosed. | ||||||
N/A = Not available, applicable or reported. | ||||||
TSX = Toronto Stock Exchange. | ||||||
1. Light Sciences Oncology filed to raise up to $86.25M in an IPO. The shares and price range were estimated in September. The value is based on the midpoint of those estimates. | ||||||
2. Molecular Insight filed to raise up to $57.5M in an IPO. | ||||||
3. OncoGenex filed to raise up to $48M in an IPO in both the U.S. and Canada. | ||||||
4. Optimer filed to raise up to $86.25M in an IPO. | ||||||
5. Orexigen filed to raise up to $86.25M in an IPO. | ||||||
6. Perlegen filed to raise up to $115M in an IPO. | ||||||
7. Pharmasset filed to raise up to $75M in an IPO. | ||||||
8. PTC Therapeutics filed to raise up to $86.25M in an IPO. | ||||||
9. Rosetta filed to raise $36M in an IPO on Nasdaq, based on the midpoint of the estimated price range. | ||||||
10. Sucampo filed to raise up to $86.25M in an IPO. | ||||||
11. Synta filed to raise up to $115M in an IPO. A previous IPO attempt was postponed in 2005. | ||||||
12. Aradigm filed to sell up to 23M shares in a follow-on offering. The value is based on the Oct. 23 closing price. | ||||||