I. COMMENCED TRADING IN JANUARY | ||||||||
Company | Date | Date | Shares/ | Price | Shares | Lead, Other | Gross | Post- |
INITIAL OFFERINGS | ||||||||
Altus | 10/17/05 | 1/26/06 | 7S | $15 | 21.00 | Merrill Lynch & Co., Morgan Stanley (co-lead), SG Cowen & Co. | $105 | $315.0 |
SGX | 9/2/05 | 1/31/06 | 4S | $6 | 14.20 | CIBC World Markets, Piper Jaffray & Co. (co-lead), JMP Securities | $24 | $85.2 |
Total: $129.0M | ||||||||
Number of IPOs in January: 2 | ||||||||
Average value of January IPOs: $64.5M | ||||||||
Number of IPOs in 2006: 2 | ||||||||
Total raised in IPOs in 2006: $129.0M | ||||||||
Average value of IPOs in 2006: $64.5M | ||||||||
FOLLOW-ON OFFERINGS | ||||||||
Company | Date | Date | Shares/ | Price | Shares | Lead, Other | Gross | Post- |
Alnylam | 1/23/06 | 1/31/06 | 5.116S | $13 | 31.76 | Morgan Stanley & Co., Banc of America (co-lead), Piper Jaffray & Co., SG Cowen & Co., Rodman & Renshaw | $66.5 | $412.9 |
Arena | 1/17/06 | 1/27/06 | 9.752S | $16.90 | 45.24 | CIBC World Markets, UBS Investment Bank (co-lead), Needham & Co., Piper Jaffray & Co., SG Cowen & Co., Morgan Joseph & Co., Montgomery & Co. | $164.8 | $764.6 |
NeoPharm | 12/17/03 | 1/5/06 | 4.025S | $10.20 | 27.73 | UBS Investment Bank | $41.1 | $282.8 |
Nuvelo Inc. | 1/24/06 | 1/31/06 | 6.5S | $16 | 48.76 | JP Morgan Securities, Deutsche Bank Securities (co-lead), Lehman Brothers | $104 | $780.2 |
Tercica Inc. | 12/1/05 | 1/24/06 | 5.75S | $6.40 | 38.33 | Lehman Brothers | $36.8 | $245.3 |
Total: $413.2M | ||||||||
Number of follow-on offerings in January: 5 | ||||||||
Average value of January follow-ons: $82.64M | ||||||||
Number of follow-on offerings in 2005: 5 | ||||||||
Total raised in follow-ons in 2006: $413.2M | ||||||||
Average value of follow-ons in 2006: $82.64M | ||||||||
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. Altus raised $105M in an IPO of 7M shares. Underwriters have an option to purchase up to 1.05M additional shares to cover overallotments. | ||||||||
2. SGX raised $24M in an IPO of 4M shares. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments. | ||||||||
3. Alnylam raised $66.5M in a follow-on offering. Underwriters have an option to purchase up to 767,394 additional shares to cover overallotments. | ||||||||
4. Arena raised $164.8M in a follow-on offering. Underwriters have an option to purchase up to 1.463M additional shares to cover overallotments. | ||||||||
5. NeoPharm raised $41.1M in a follow-on offering from a shelf registration. Totals include the underwriter's purchase of 525,000 additional shares per its overallotment option. | ||||||||
6. Nuvelo raised $104M in a follow-on offering. Underwriters have an option to purchase up to 975,000 additional shares to cover overallotments. | ||||||||
7. Tercica raised $36.8M in a follow-on offering. Totals include the underwriter's purchase of 750,000 shares per its overallotment option. | ||||||||
II. FILED AND PENDING | ||||||
Company | Date Filed | Shares/ | Price Range | Shares Out (M)@ | Lead, Other Underwriters | Value (M) |
INITIAL OFFERINGS | ||||||
Acorda | 10/5/05 | 5.5S | $11-$13 | N/A | Banc of America, Lazard Capital Markets, Piper Jaffray & Co., SG Cowen & Co. | $66 |
Alexza | 12/22/05 | N/A | N/A | N/A | Piper Jaffray & Co., Pacific Growth Equities (co- lead), RBC Capital Markets, JMP Securities | $86.25 |
BioNumerik | 6/9/04 | 5S | $14-$16 | N/A | UBS Investment Bank, Needham & Co., Leerink Swann & Co., Punk, Ziegel & Co. | $75 |
Corus | 8/27/04 | N/A | N/A | N/A | Merrill Lynch & Co., Pacific Growth Equities, SunTrust Robinson Humphrey, JMP Securities | $100 |
Iomai Corp. | 10/3/05 | 6.3S | $11-$13 | N/A | UBS Investment Bank, AG Cowen & Co., First Albany Capital, Susquehanna Financial | $75.6 |
Molecular | 11/8/05 | N/A | N/A | N/A | Piper Jaffray & Co., SG Cowen & Co. (co-lead), Oppenheimer & Co., Roth Capital Partners | $57.5 |
Omrix Bio- | 1/18/06 | N/A | N/A | N/A | UBS Investment Bank, CIBC World Markets (co-lead), Leerink Swann & Co., Oppenheimer & Co. | $80.5 |
Targacept | 1/17/06 | N/A | N/A | N/A | Deutsche Bank Securities, Pacific Growth Equities (co-lead), CIBC World Markets, Lazard Capital Markets | $59.8 |
Valera | 3/14/05 | 3.75S | $10-$12 | N/A | UBS Investment Bank, Banc of America (co-lead), First Albany Capital, Fortis Securities | $41.25 |
Vanda | 12/29/05 | N/A | N/A | N/A | JP Morgan Securities, Banc of America (co-lead), Thomas Weisel Partners | $75 |
FOLLOW-ON OFFERINGS | ||||||
Genitope | 1/23/06 | 4.5S | $9.19 | N/A | WR Hambrecht + Co., RBC Capital Markets (co- ead), Brean Murray, Carret, Punk, Ziegel & Co. | $41.4 |
Theravance | 1/30/06 | 4.6S | $27.40 | N/A | Merrill Lynch & Co., HSBC, Thomas Weisel Partners | $126.0 |
WITHDRAWN AND POSTPONED | ||||||
Company | Date | Shares/ | Price | Shares | Lead, Other | Value |
Glycotex Inc.\ | 9/9/05/ | N/A | N/A | N/A | Janney Montgomery Scott | $39 |
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. Acorda filed to raise up to $86.75M in an IPO. It withdrew a previous IPO filing in January 2004. The shares and price range were set in January. The value is based on the midpoint of that price range. | ||||||
2. Alexza filed to raise up to $86.25M in an IPO. | ||||||
3. BioNumerik filed to raise up to $86.25M in an IPO. It later proposed selling 5M shares at $14 to $16 per share. The value is based on the midpoint of that price range. | ||||||
4. Corus filed to raise up to $100M in an IPO. | ||||||
5. Iomai filed to raise up to $86.25M in an IPO. It set the terms in January. The value is based on the midpoint of that price range. | ||||||
6. Molecular Insight filed to raise up to $57.5M in an IPO. | ||||||
7. Omrix filed to raise up to $80.5M in an IPO. | ||||||
8. Targacept filed to raise up to $59.8M in an IPO. A previous IPO filing was withdrawn in March 2005. | ||||||
9. Valera filed to raise up to $74.75M in an IPO. It set the price range and shares in January. The value is based on the midpoint of that price range. | ||||||
10. Vanda filed to raise up to $75M in an IPO. | ||||||
11. Genitope said Jan. 23 it would sell 4.5M shares from an existing registration. The value is based on the Jan. 20 closing price. | ||||||
12. Theravance registered to sell 4.6M shares. The value is based on the Jan. 27 closing price. | ||||||
13. Glycotex, a subsidiary of Novogen Ltd., withdrew its IPO filing. It said it planned to file again later in 2006. | ||||||