I. COMMENCED TRADING IN NOVEMBER | ||||||||
Company |
Date |
Date |
Shares/ |
Price | Shares |
Lead, Other |
Gross |
Post-Offering |
| | ||||||||
INITIAL OFFERINGS | ||||||||
Catalyst |
7/25/06 |
11/9/06 |
3.35S |
$6 |
12.52 |
First Albany Capital, Stifel Nicolaus (co-lead) |
$20.1 |
$75.1 |
Emergent |
8/15/06 |
11/15/06 |
5S |
$12.50 |
27.42 |
JP Morgan Securities, Cowen and Co. (co-lead), HSBC Securities |
$62.5 |
$342.8 |
Metabolix |
7/14/06 |
11/17/06 |
7.82S |
$14 |
20.41 |
Piper Jaffray & Co., Jefferies & Co., Thomas Weisel Partners, Ardour Capital Investments |
$109.5 |
$285.7 |
Santhera |
10/23/06 |
11/3/06 |
0.984S |
CHF90 |
2.95 |
Deutsche Bank AG, Piper Jaffray, WestLB AG, Zurcher Kantonalbank |
CHF88.5 |
CHF265.5 |
Wilex AG |
10/11/06 |
11/10/06 |
4S |
€13.80 |
11.96 |
WestLB AG, Sal. Oppenheim (co-lead) |
€55.2 |
€165.1 |
OVERALLOTMENT OPTIONS | ||||||||
Achillion |
4/3/06 |
11/8/06 |
0.675S |
$11.50 |
15.53 |
Cowen & Co., CIBC World Markets (co- Lead), JMP Securities |
$7.75 |
$178.6 |
Cadence |
7/17/06 |
11/13/06 |
0.9S |
$9 |
28.95 |
Merrill Lynch & Co., Deutsche Bank Securities (co-lead), Pacific Growth Equities, JMP Securities |
$8.1 |
$260.6 |
Innate Pharma |
10/19/06 |
11/3/06 |
0.83S |
€4.50 |
24.75 |
Bryan, Garnier & Co., Societe Generale (co-lead) |
€3.7 ($4.9) |
€111.4 ($147.5) |
Total: $354.65M | ||||||||
Number of IPOs in November: 5 | ||||||||
Average value of November IPOs: $66.78M | ||||||||
Number of IPOs in 2006: 29 | ||||||||
Total raised in IPOs in 2006: $1,437.18M | ||||||||
Average value of IPOs in 2006: $49.56M | ||||||||
FOLLOW-ON OFFERINGS | ||||||||
Company |
Date |
Date |
Shares/ |
Price | Shares Out (M)@ | Lead, Other Underwriters | Gross (M) |
Post- Offering Market Cap (M)% |
Alexion |
9/12/05 |
11/15/06 |
3.45S |
$43 |
35.12 |
Goldman, Sachs & Co., Morgan Stanley & Co. (co-lead), Bear, Stearns & Co., Credit Suisse, Cowen and Co., Piper Jaffray & Co |
$148.4 |
1,510.2 |
Celgene |
11/1/06 |
11/3/06 |
20S |
$51.60 |
372.4 |
JP Morgan Securities, Merrill Lynch & Co. (co-lead), Bear, Stearns & Co., CitiGroup, Goldman, Sachs & Co., Morgan Stanley, Friedman Billings Ramsey, JMP Securities, Lazard Capital Markets, Leerink, Swann & Co., Piper Jaffray & Co., Rodman & Renshaw, Thomas Weisel Partners |
$1,032.0 |
$19,218.6 |
Pharmacyclics |
10/30/06 |
11/7/06 |
4.83S |
$4.75 |
25.78 |
RBC Capital Markets, Thomas Weisel Partners (co-lead) |
$22.94 |
$122.5 |
OVERALLOTMENT OPTIONS | ||||||||
Viragen Inc. |
7/31/06 |
11/3/06 |
5S and and 5W |
$0.26 |
120.3 |
Dawson James Securities |
$1.3 |
$31.3 |
Total: $1,204.64M | ||||||||
Number of follow-on offerings in November: 3 | ||||||||
Average value of November follow-ons: $401.1M | ||||||||
Number of follow-on offerings in 2006: 34 | ||||||||
Total raised in follow-ons in 2006: $4,092.37M | ||||||||
Average value of follow-ons in 2006: $120.36M | ||||||||
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. | ||||||||
1. Catalyst raised $20.1M in an IPO of 3.35M shares. Underwriters have an option to purchase up to 502,500 additional shares to cover overallotments. | ||||||||
2. Emergent raised $62.5M in an IPO of 5M shares. Underwriters have an option to purchase up to 480,000 additional shares to cover overallotments, 270,000 of them from the company. | ||||||||
3. Metabolix raised $109.5M in an IPO of 7.82M shares. Totals include the underwriters' purchase of 1.02M shares per their overallotment option. | ||||||||
4. Santhera raised CHF88.5M in an IPO on the Swiss Stock Exchange. The lead underwriter has an option to purchase up to 147,579 additional shares to cover overallotments. | ||||||||
5. Wilex raised €55.2M in an IPO on the Frankfurt Stock Exchange. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments. | ||||||||
6. Underwriters of Achillion's IPO that priced in October exercised their overallotment option on another 675,000 shares. The IPO totaled 5.175M shares and $59.5M in gross proceeds. | ||||||||
7. Underwriters of Cadence's IPO that priced in October exercised their overallotment option on another 900,000 shares. The IPO totaled 6.9M shares and $62.1M in gross proceeds. | ||||||||
8. Underwriters of Innate Pharma's IPO that priced in October exercised their overallotment option on about 830,000 additional shares. The IPO totaled about 6.37M shares and €28.6M in gross proceeds. Totals do not include a concurrent €5M investment made by Novo Nordisk A/S. | ||||||||
9. Alexion raised $148.4M in a follow-on offering of 3.45M shares. Totals include the underwriters' purchase of 450,000 shares per their overallotment option. | ||||||||
10. Celgene raised about $1.032B in a follow-on offering of 20M shares. Underwriters have an option to purchase up to 900,000 additional shares to cover overallotments. | ||||||||
11. Pharmacyclics raised $22.94M in follow-on offering of 4.83M shares. Totals include the underwriters' purchase of 630,000 shares per their overallotment option. | ||||||||
12. The underwriter of Viragen's offering of 67M units that priced in October exercised its option to purchase 5M additional units. The offering totaled $18.7M in gross proceeds. The five-year warrants are exercisable at $0.31 per share. | ||||||||
II. FILED AND PENDING | ||||||||
Company |
Date |
Shares/ |
Price |
Shares |
Lead, Other |
Value |
INITIAL OFFERINGS | ||||||
Affymax Inc. |
7/28/06 |
3.5S |
$22-$24 |
N/A |
Morgan Stanley & Co., Cowen and Co. (co-lead), Thomas Weisel Partners (co-lead), RBC Capital Markets |
$80.5 |
ImaRx |
5/19/06 |
5S |
$10-$12 |
N/A |
CIBC World Markets , Jefferies & Co., First Albany Capital |
$55 |
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 |
Optimer |
11/9/06 |
N/A |
N/A |
N/A |
Piper Jaffray & Co., Jefferies & Co. (co-lead), JMP Securities, Rodman & Renshaw |
$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 |
Arena |
11/28/06 |
8S |
$14.09 |
N/A |
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. |
$112.7 |
MannKind |
11/27/06 |
17.5S |
$17.20 |
N/A |
JP Morgan Securities, Merrill Lynch & Co. (co-lead), Wachovia Capital Markets, CIBC World Markets, Leerink Swann & Co. |
$301 |
WITHDRAWN AND POSTPONED | ||||||
Company |
Date |
Shares/ |
Price |
Shares |
Lead, Other Underwriters |
Value |
ActivBiotics |
8/14/06/ |
4S |
$12-$14 |
N/A |
HSBC Securities, Needham & Co., BMO Capital Markets, Susquehanna Financial |
$52 |
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. | ||||||
1. Affymax filed to raise up to $115M in an IPO. The shares and price range were estimated in November. The value is based on the midpoint of those estimates. | ||||||
2. ImaRx filed to raise up to $75M in an IPO. The shares and price range were estimated in September. The value is based on the midpoint of those estimates. | ||||||
3. 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. | ||||||
4. Molecular Insight filed to raise up to $57.5M in an IPO. | ||||||
5. Optimer 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. | ||||||
13. Arena filed to sell up to 8M shares in a follow-on offering. The value is based on the Nov. 28 closing price. | ||||||
14. MannKind filed to sell up to 17.5M shares in a follow-on offering. The value is based on the Nov. 27 closing price. | ||||||
15. ActivBiotics cited market conditions in withdrawing its proposed IPO. | ||||||