PART ONE OF THREE

Today ­ Performance of Adams, Harkness & Hill through Legg Mason Wood Walker

Jan. 29 ­ Performance of Lehman Brothers Inc. through Wit SoundView

Feb. 5 ­ Rankings of all underwriters

Underwriter

Biotechnology Company

Date priced

Offering price per share**

12/31/00 Share Price

Offering Gross (M)**

After-Market Performance (%)

Adams, Harkness & Hill

Biopure Corp. (BPUR)

3/13

$35

$20

$87.5

-43%

Emisphere Technologies Inc. (EMIS)

3/14

$72.75

$25

$200.1

-66%

IntraBiotics Pharmaceuticals Inc. (IBPI) (IPO)

3/27

$15

$9.625

$112.5

-36%

Tanox Inc. (TNOX) (IPO)

4/6

$28.50

$39.1875

$244.2

+38%

AtheroGenics Inc. (AGIX) (IPO)

8/9

$8

$5

$55.2

-38%

InforMax Inc. (INMX) (IPO)

10/3

$16

$10.375

$80

-35%

OSI Pharmaceuticals Inc. (OSIP)

11/1

$70

$80.125

$430.7

+14%

ImmunoGen Inc. (IMGN)

11/16

$33

$21.4375

$132

-35%

A.G. Edwards & Sons Inc.

AtheroGenics Inc. (AGIX) (IPO)

8/9

$8

$5

$55.2

-38%

GenVec Inc. (GNVC) (IPO)

12/12

$9.50

$9.50

$38

0%

Americal Securities

Avigen Inc. (AVGN) (Placement agent)

11/2

$37.50

$20.75

$62.25

-45%

Aragon Securities AB

Maxim Pharmaceuticals Inc. (MAXM)

2/22

$55

$6.375

$176.3

-88%

Bank of America Securities

SuperGen Inc. (SUPG) (Lead)

3/16

$45

$13.875

$90

-69%

Packard Bioscience Co. (PBSC) (IPO)

4/19

$9

$11.625

$111.24

+29%

EntreMed Inc. (ENMD)

6/14

$22

$17.25

$22

-22%

Regeneration Technologies Inc. (RTIX) (Lead, IPO)

8/10

$14

$14.25

$79.8

+2%

Insmed Inc. (INSM)

10/27

$11.875

$3.4688

$88.75

-71%

Immunex Corp. (IMNX)1

11/10

$39.75

$40.625

$3.2B

+2%

IDEC Pharmaceuticals Corp. (IDPH)

11/16

$181.1

$189.5625

$472.7

+5%

ICOS Corp. (ICOS)

12/14

$37

$51.9375

$191.48

+40%

Bank Vontobel

Centaur Pharmaceuticals Inc. (Lead)

3/30

$11.50

N/A

$21.9

N/A

Bear, Stearns & Co. Inc.

Diversa Corp.(DVSA) (Lead, IPO)

2/14

$24

$17.9375

$200.1

-25%

Celera Genomics (NYSE:CRA)

3/1

$225

$36.125

$983.25

-84%

Aviron (AVIR)

4/4

$22.50

$66.8125

$51.75

+197%

Transgenomic Inc. (TBIO) (IPO)

7/19

$15

$10.50

$78.6

-30%

Genaissance Pharmaceuticals Inc. (GNSC) (IPO)

8/2

$13

$18

$89.7

+38%

3-Dimensional Pharmaceuticals Inc. (DDDP) (Lead, IPO)

8/4

$15

$14.8125

$86.25

-1%

InforMax Inc. (INMX) (Lead, IPO)

10/3

$16

$10.375

$80

-35%

Immunex Corp. (IMNX)1

11/10

$39.75

$40.625

$3.2B

+2%

CuraGen Corp. (CRGN)

11/16

$41

$27.3125

$196.8

-33%

Cazenove & Co.

Oxford GlycoSciences plc (UK; LSE:OGS; OGSI)9

12/8

$18.36

$21.25

$254.5

+16%

Chase H&Q

Gene Logic Inc. (GLGC)

1/27

$56

$18.375

$270

-67%

Sequenom Inc. (SQNM) (IPO)

2/1

$26

$14

$157

-46%

Genzyme Transgenics Corp. (GZTC)

2/4

$20

$14.3125

$80.5

-28%

Diversa Corp.(DVSA) (IPO)

2/14

$24

$17.9375

$200.1

-25%

Medarex Inc. (MEDX)

3/3

$86

$40.75

$412.7

-53% (Split adjusted)7

Emisphere Technologies Inc. (EMIS) (Lead)

3/14

$72.75

$25

$200.1

-66%

Neose Technologies Inc. (NTEC) (Lead)

3/16

$32

$33

$73.6

+3%

Tularik Inc. (TLRK)

3/22

$35.125

$29.4375

$100.1

-16%

InterMune Pharmaceuticals Inc. (ITMN) (IPO)

3/24

$20

$44.625

$125

+123%

Cubist Pharmaceuticals Inc. (CBST)

4/6

$33

$29

$94.9

-12%

Ribozyme Pharmaceuticals Inc. (RZYM)

4/6

$18

$14.3125

$65.2

-20%

Sangamo BioSciences Inc. (SGMO) (IPO)

4/6

$15

$19.50

$52.5

+30%

Packard Bioscience Co. (PBSC) (IPO)

4/19

$9

$11.625

$111.24

+29%

Paradigm Genetics Inc. (PDGM) (Lead, IPO)

5/5

$7

$10

$47.25

+43%

Transgenomic Inc. (TBIO) (Lead, IPO)

7/19

$15

$10.50

$78.6

-30%

Variagenics Inc. (VGNX) (IPO)

7/21

$14

$11.8594

$80.5

-15%

Gemini Genomics plc (UK; GMNI) (IPO)

7/25

$14

$5.625

$96.6

-60%

Discovery Partners International Inc. (DPII) (Co-lead, IPO)

7/27

$18

$12.125

$103.5

-33%

Genencor International Inc. (GCOR) (IPO)

7/27

$18

$18

$144.9

0%

Illumina Inc. (ILMN) (IPO)

7/27

$16

$16.0625

$96

+0.4%

Inspire Pharmaceuticals Inc. (ISPH) (IPO)

8/3

$12

$26.0625

$75.9

+117%

Versicor Inc. (VERS) (IPO)

8/3

$11

$8.625

$58.2

-22%

3-Dimensional Pharmaceuticals Inc. (DDDP) (IPO)

8/4

$15

$14.8125

$86.25

-1%

AtheroGenics Inc. (AGIX) (Lead, IPO)

8/9

$8

$5

$55.2

-38%

Pharsight Corp. (PHST) (IPO)

8/9

$10

$4.75

$30

-53%

Esperion Therapeutics Inc. (ESPR) (IPO)

8/10

$9

$10.875

$62.1

+21%

Large Scale Biology Corp. (LSBC) (IPO)

8/10

$17

$9.50

$97.75

-44%

Telik Inc. (TELK) (IPO)

8/16

$7

$6.625

$40.25

-5%

Durect Corp. (DRRX) (IPO)

9/28

$12

$12

$92.4

0%

Albany Molecular Research Inc. (AMRI)

10/6

$42.25

$61.625

$199.21

+46%

MediChem Life Sciences Inc. (MCLS) (IPO)

10/26

$7

$4.625

$51.52

-34%

AeroGen Inc. (AEGN) (Lead, IPO)

11/10

$12

$10.625

$49.68

-11%

CIBC World Markets

Enzon Inc. (ENZN)

3/21

$44.50

$62.0625

$102.4

+39%

Tanox Inc. (TNOX) (Lead, IPO)

4/6

$28.50

$39.1875

$244.2

+38%

Lexicon Genetics Inc. (LEXG) (IPO)

4/7

$22

$16.625

$220

-24%

Avigen Inc. (AVGN)

4/13

$26

$20.75

$29.9

-20%

Praecis Pharmaceuticals Inc. (PRCS) (IPO)

4/26

$10

$29.25

$92

+193%

ViroLogic Inc. (VLGC) (Lead, IPO)

5/2

$7

$9.125

$35

+30%

Pain Therapeutics Inc. (PTIE) (IPO)

7/13

$12

$14.875

$69

+24%

Applied Molecular Evolution Inc. (AMEV) (Lead, IPO)

7/26

$19

$17.0625

$101.6

-10%

The Medicines Co. (MDCO) (IPO)

8/8

$16

$20.5

$110.4

+28%

Ista Pharmaceuticals Inc. (ISTA) (Lead, IPO)

8/22

$10.50

$11.25

$31.5

+7%

Cell TherapeuticsInc. (CTIC) (Co-lead)

9/18

$38

$45.0625

$136.8

+19%

Protein Design Labs Inc. (PDLI) (Co-lead)

9/26

$118.4

$86.875

$355.3

-27%

Durect Corp. (DRRX) (IPO)

9/28

$12

$12

$92.4

0%

Genomica Corp. (GNOM) (Lead, IPO)

9/29

$19

$5.281

$122.4

-72%

Albany Molecular Research Inc. (AMRI)

10/6

$42.25

$61.625

$199.21

+46%

Kosan Biosciences Inc. (KOSN) (IPO)

10/9

$14

$10.50

$80.5

-25%

Onyx Pharmaceuticals Inc. (ONXX)

10/11

$15

$14.875

$51.75

-1%

Human Genome Sciences Inc. (HGSI)

10/27

$75

$69.3125

$950

-8%

Corvas International Inc. (CVAS) (Lead)

11/2

$20

$14.375

$115

-28%

AeroGen Inc. (AEGN) (IPO)

11/10

$12

$10.625

$49.68

-11%

NPS Pharmaceuticals Inc. (NPSP) (Lead)

11/10

$42

$48

$193.2

+14%

ArQule Inc. (ARQL)

11/21

$22.50

$32

$85.46

+42%

North American Scientific Inc. (NASI) (Lead)

12/20

$17.875

$14.50

$51.42

-19%

Maxygen Inc. (MAXY)

3/20

$97

$24.50

$145.5

-75%

Aradigm Corp. (ARDM) (Lead)

3/29

$16

$14.625

$46

-9%

Lexicon

4/7

$22

$16.625

$220

-24%

Credit Suisse First Boston

Exelixis Pharmaceuticals Inc. (EXEL) (IPO)

4/10

$13

$14.625

$136

+13%

Praecis Pharmaceuticals Inc. (PRCS) (IPO)

4/26

$10

$29.25

$92

+193%

Orchid BioSciences Inc. (ORCH) (Lead, IPO)

5/4

$8

$14

$55.2

+75%

Variagenics Inc. (VGNX) (Lead, IPO)

7/21

$14

$11.8594

$80.5

-15%

Genencor International Inc. (GCOR) (IPO)

7/27

$18

$18

$144.9

0%

Cell Therapeutics Inc. (CTIC) (Co-lead)

9/18

$38

$45.0625

$136.8

+19%

Millennium Pharmaceuticals Inc. (MLNM)

10/6

$64

$61.875

$704

-3%

Human Genome Sciences Inc. (HGSI) (Lead)

10/27

$75

$69.3125

$950

-8%

Immunex Corp. (IMNX)1

11/10

$39.75

$40.625

$3.2B

+2%

Oxford GlycoSciences plc (UK; LSE:OGS; OGSI)9

12/8

$18.36

$21.25

$254.5

+16%

Dain, Rauscher Wessels

Gene Logic Inc. (GLGC)

1/27

$56

$18.375

$270

-67%

Medarex Inc. (MEDX)

3/3

$86

$40.75

$412.7

-53% (Split adjusted)7

Nanogen Inc. (NGEN)

3/16

$55

$9

$82.5

-84%

Luminex Corp. (LMNX) (IPO)

3/30

$17

$26.0625

$82.8

+53%

Genomic Solutions Inc. (GNSL) (IPO)

5/5

$8

$7.625

$64.4

-5%

Transgenomic Inc. (TBIO) (IPO)

7/19

$15

$10.50

$78.6

-30%

Genomica Corp. (GNOM) (IPO)

9/29

$19

$5.281

$122.4

-72%

Human Genome Sciences Inc. (HGSI)

10/27

$75

$69.3125

$950

-8%

CuraGen Corp. (CRGN)

11/16

$41

$27.3125

$196.8

-33%

Harvard Bioscience Inc. (HBIO) (IPO)

12/7

$8

$9.875

$58.9

+23%

Sequenom Inc. (SQNM) (IPO)

2/1

$26

$14

$157

-46%

Diversa Corp. (DVSA) (IPO)

2/14

$24

$17.9375

$200.1

-25%

Emisphere Technologies Inc. (EMIS)

3/14

$72.75

$25

$200.1

-66%

Aclara Biosciences Inc. (ACLA) (Co-lead, IPO)

3/20

$21

$10.875

$217.4

-48%

Angiotech Pharmaceuticals Inc. (Canada; ANPI)2(Joint Lead)

3/22

$53.50

$46

$93.6

-14%

IntraBiotics Pharmaceuticals Inc. (IBPI) (Lead, IPO)

3/27

$15

$9.625

$112.5

-36%

Genaissance Pharmaceuticals Inc. (GNSC) (Lead, IPO)

8/2

$13

$18

$89.7

+38%

Inspire Pharmaceuticals Inc. (ISPH) (Lead, IPO)

8/3

$12

$26.0625

$75.9

+117%

Lion Bioscience AG (Germany; LEON) (Joint lead, IPO)

8/10

$39.68

$75.375

$210.3

+90%

Albany Molecular Research Inc. (AMRI) (Lead)

10/6

$42.25

$61.625

$199.21

+46%

Cima Labs Inc. (CIMA) (Lead)

11/2

$50

$65.0625

$169.75

+30%

Array Biopharma Inc. (ARRY) (Co-lead, IPO)

11/17

$7.50

$8.9375

$56.1

+19%

DLJ Direct Inc.

Charles River Laboratories Corp. (NYSE:CRL) (IPO)

6/23

$16

$27.375

$257.6

+71%

Pharsight Corp. (PHST) (IPO)

8/9

$10

$4.75

$30

-53%

Donaldson, Lufkin & Jenrette

Charles River Laboratories Corp. (NYSE: CRL) (Co-lead, IPO)

6/23

$16

$27.375

$257.6

+71%

Pharsight Corp. (PHST) (Lead, IPO)

8/9

$10

$4.75

$30

-53%

FAC/Equities

Albany Molecular Research Inc. (AMRI)

10/6

$42.25

$61.625

$199.21

+46%

Fahnestock & Co. Inc.

Cima Labs Inc. (CIMA)

11/2

$50

$65.0625

$169.75

+30%

Fidelity Capital Markets

Versicor Inc. (VERS) (IPO)

8/3

$11

$8.625

$58.2

-22%

Rosetta Inpharmatics Inc. (RSTA) (IPO)

8/4

$14

$16

$115.9

+14%

Telik Inc. (TELK)

8/16

$7

$6.625

$40.25

-5%

Kosan Biosciences Inc. (KOSN) (IPO)

10/9

$14

$10.50

$80.5

-25%

First Colonial Securities

AVI BioPharma Inc. (AVII)

7/27

$7.25

$4.75

$21.75

-34%

First Union Securities Inc.

Vical Inc. (VICL)

1/21

$36.50

$18.50

$125.9

-49%

Nanogen Inc. (NGEN)

3/16

$55

$9

$82.5

-84%

Texas Biotechnology Corp. (AMEX: TXB)

4/6

$12.50

$8.59

$71.875

-31%

First Security Van Kasper

The Immune Response Corp. (IMNR) (Lead)

8/8

$6

$2.625

$16.6

-56%

George K. Baum & Co.

Eden BioScience Corp. (EDEN) (IPO)

9/27

$15

$29.9375

$100.05

+100%

Gerard Klauer Mattison & Co.

OraPharma Inc. (OPHM) (IPO)

3/9

$18

$13.25

$82.8

-26%

ArQule Inc. (ARQL)

11/21

$22.50

$32

$85.46

+42%

Goldman, Sachs & Co.

Vical Inc. (VICL) (Lead)

1/21

$36.50

$18.50

$125.9

-49%

Celera Genomics (NYSE:CRA) (Co-lead)

3/1

$225

$36.125

$983.25

-84%

Maxygen Inc. (MAXY) (Lead)

3/20

$97

$24.50

$145.5

-75%

Genentech Inc. (NYSE:DNA)

3/23

$81.50

$81.50

$2,819.9

0% (Split adjusted)8

Exelixis Pharmaceuticals Inc. (EXEL) (Lead, IPO)

4/10

$13

$14.625

$136

+13%

Illumina Inc. (ILMN) (Lead, IPO)

7/27

$16

$16.0625

$96

+0.4%

Millennium Pharmaceuticals Inc. (MLNM) (Co-lead)

10/6

$64

$61.875

$704

-3%

Human Genome Sciences Inc.(HGSI)

10/27

$75

$69.3125

$950

-8%

Goldman Sachs International

Crucell N.V. (the Netherlands) (CRXL) (Lead, IPO)

10/29

$14.89

$6.3125

$119.1

-58%

Granite Financial Group

Avigen Inc. (AVGN) (Placement agent)

11/15

$45.06

$20.75

$31.3

-54%

Gruntal & Co. LLC

Keryx Biopharmaceuticals Inc. (Israel; KERX)3 (IPO)

7/28

$10

$10.125

$52

+1%

The Immune Response Corp. (IMNR)

8/8

$6

$2.625

$16.6

-56%

I-Bankers Securities Inc.

AVI BioPharma Inc. (AVII)

7/27

$7.25

$4.75

$21.75

-34%

ING Barings LLC

Gene Logic Inc. (GLGC) (Lead)

1/27

$56

$18.375

$270

-67%

Celera Genomics (NYSE:CRA)

3/1

$225

$36.125

$983.25

-84%

Cubist Pharmaceuticals Inc. (CBST)

4/6

$33

$29

$94.9

-12%

Ribozyme Pharmaceuticals Inc. (RZYM) (Lead)

4/6

$18

$14.3125

$65.2

-20%

Sangamo BioSciences Inc. (SGMO) (IPO)

4/6

$15

$19.50

$52.5

+30%

Avigen Inc. (AVGN)

4/13

$26

$20.75

$29.9

-20%

ViroLogic Inc. (VLGC) (IPO)

5/2

$7

$9.125

$35

+30%

Charles River Laboratories Inc. (NYSE:CRL) (IPO)

6/23

$16

$27.375

$257.6

+71%

Argonaut Technologies Inc. (AGNT) (IPO)

7/24

$15

$8.50

$79.35

-43%

Arena Pharmaceuticals Inc. (ARNA) (Lead, IPO)

7/28

$18

$15.50

$124.2

-14%

Ciphergen Biosystems (CIPH) (IPO)

9/29

$16

$13.25

$101.2

-17%

Crucell N.V. (the Netherlands) (CRXL) (IPO)

10/29

$14.89

$6.3125

$119.1

-58%

Harvard Bioscience Inc. (HBIO) (IPO)

12/7

$8

$9.875

$58.9

+23%

Invemed Associates

Maxygen Inc. (MAXY)

3/20

$97

$24.50

$145.5

-75%

Aradigm Corp. (ARDM)

3/29

$16

$14.625

$46

-9%

Cepheid (CPHD) (IPO)

6/21

$6

$8.4375

$34.5

+41%

Compugen Ltd. (Israel; CGEN) (IPO)

8/14

$10

$6.25

$57.5

-38%

J.P. Morgan & Co.

Celgene Corp. (CELG) (Co-lead)

2/10

$33.67

$32.50

$348.45

-3% (Split adjusted)4

Maxim Pharmaceuticals Inc. (MAXM) (Lead)

2/22

$55

$6.375

$176.3

-88%

Biopure Corp. (BPUR) (Lead)

3/13

$35

$20

$87.5

-43%

Tularik Inc. (TLRK)

3/22

$35.125

$29.4375

$100.1

-16%

Genentech Inc. (NYSE:DNA) (Lead)

3/23

$81.50

$81.50

$2,819.9

0% (Split adjusted)8

Regeneron Pharmaceuticals Inc. (REGN)

3/29

$29.75

$35.2656

$77.35

+19%

Lexicon Genetics Inc. (LEXG) (Co-lead, IPO)

4/7

$22

$16.625

$220

-24%

Paradigm Genetics Inc. (PDGM) (IPO)

5/5

$7

$10

$47.25

+43%

The Medicines Co. (MDCO) (Lead, IPO)

8/8

$16

$20.5

$110.4

+28%

Large Scale Biology Corp. (LSBC) (Lead, IPO)

8/10

$17

$9.50

$97.75

-44%

Dyax Corp. (DYAX) (Lead, IPO)

8/15

$15

$21.2031

$69

+41%

Human Genome Sciences Inc. (HGSI)

10/27

$75

$69.3125

$950

-8%

GenVec Inc. (GNVC) (Lead, IPO)

12/12

$9.50

$9.50

$38

0%

KBC Securities

Tanox Inc. (TNOX) (IPO)

4/6

$28.50

$39.1875

$244.2

+38%

Lazard Freres & Co. LLC

Cubist Pharmaceuticals Inc. (CBST)

4/6

$33

$29

$94.9

-12%

Rosetta Inpharmatics Inc. (RSTA) (IPO)

8/4

$14

$16

$115.9

+14%

OSI Pharmaceuticals Inc. (OSIP)

11/1

$70

$80.125

$430.7

+14%

Leerink Swann & Co. Inc.

North American Scientific Inc. (NASI)

12/20

$17.875

$14.50

$51.42

-19%

Legg Mason Wood Walker

Telik Inc. (TELK) (IPO)

8/16

$7

$6.625

$40.25

-5%

Array Biopharma Inc. (ARRY) (IPO)

11/17

$7.50

$8.9375

$56.1

+19%

ArQule Inc. (ARQL)

11/21

$22.50

$32

$85.46

+42%

Notes:

* The financings in this chart are for public offerings in the U.S. only. The data were compiled primarily from BioWorld Financial Watch's monthly financing charts covering the period from Jan. 1 to Dec. 31, 2000. Those charts were published on Feb. 21, March 6, April 10, May 15, June 5, July 10, Aug. 7, Sept. 11, Oct. 9, Nov. 6, Dec. 4, 2000, and Jan. 8, 2001. The gross proceeds totals listed reflect shares sold by selling stockholders, in addition to financing raised for the companies.

** All prices in U.S. dollars. Offering price per share is adjusted to reflect any post-offering splits.

1 Immunex's offering was for 70M shares, 20M offered by the company and 50M offered by American Home Products Corp. AHP also granted an overallotment option for 10.5M shares, which was exercised in full. Total gross proceeds to Immunex were $795M.

2 The U.S. underwriters for Angiotech's offering are included in this chart. The underwriting syndicate also included Loewen, Ondaatje, McCutcheon Ltd. and Yorkton Securities Inc. in Canada.

3 The U.S. underwriters for Keryx's offering are included in this chart. WestLB Panmure Ltd. led the offering outside the U.S.

4 Celgene shares split 3-for-1 on 4/17/00.

5 Abgenix shares split 2-for-1 on 4/7/00 and 2-for-1 on 7/10/00.

6 Genome Therapeutics' offering was part of a shelf registration. Tucker Anthony acted as placement agent.

7 Medarex's shares split 2-for-1 on 10/18/00.

8 Genentech's shares split 2-for-1 on 10/24/00.

9 Oxford offered 9M shares in an international offer and 2.77M under an open offer.