I. COMMENCED TRADING IN MARCH | ||||||||
Company |
Date |
Date |
Shares/ |
Price | Shares |
Lead, Other |
Gross |
Post-Offering |
| ||||||||
INITIAL OFFERINGS | ||||||||
Ardana plc |
2/17/05 |
3/4/05 |
16.4S |
£1.28 |
55.56 |
Nomura International |
£21 |
£71.1 |
Aspreva |
1/24/05 |
3/3/05 |
8.28S |
$11 |
34.03 |
Merrill Lynch & Co., Banc of America (co-lead), Pacific Growth Equities, BMO Nesbitt Burns |
$91.1 |
$374.3 |
CardioVascular |
9/27/04 |
3/14/05 |
1.725S |
$10 |
122.8 |
First Dunbar Securities |
$17.25 |
$1,228.0 |
OVERALLOTMENT OPTIONS | ||||||||
Icagen Inc. |
4/8/04 |
3/10/05 |
0.1S |
$8 |
21.54 |
UBS Investment Bank, JP Morgan Securities (co- lead), CIBC World Markets |
$0.8 |
$172.3 |
Intercell AG |
2/14/05 |
3/18/05 |
0.989S |
€5.5 |
33.01 |
Goldman Sachs, Lehman Brothers, Bank Vontobel, DZ BANK, Erste Bank |
€5.4 (US$7) |
€181.6 |
MediciNova |
10/1/04 |
3/8/05 |
1.573S |
Y400 (US$3.88) |
98.85 |
Daiwa Securities SMBC |
$6.1 |
$383.5 |
Total: $162.75M | ||||||||
Number of IPOs in March: 3 | ||||||||
Average value of March IPOs: $49.61M | ||||||||
Number of IPOs in 2005: 11 | ||||||||
Total raised in IPOs in 2005: $587.66M | ||||||||
Average value of IPOs in 2005: $53.42M | ||||||||
FOLLOW-ON OFFERINGS | ||||||||
Company |
Date Filed | Date Comm. |
Shares/ |
Price | Shares Out (M)@ | Lead, Other | Gross (M) |
Post- Offering Market Cap (M)% |
| ||||||||
Cardiome |
3/1/05 |
3/18/05 |
9.775S |
$6 |
50.82 |
UBS Investment Bank, CIBC World Markets (co-lead), GMP Securities, Leerink Swann & Co., First Associates Investments, Orion Securities |
$58.65 |
$304.9 |
Neurochem Inc. |
2/23/05 |
3/4/05 |
4S |
$15.30 |
34.41 |
UBS Investment Bank, CIBC World Markets, Piper Jaffray & Co., Desjardins Securities, Wells Fargo Securities, BMO Nesbitt Burns, Fortis Securities LLC |
$61.2 |
$526.5 |
Vivus Inc. |
12/22/04 |
3/10/05 |
6.25S |
$3.40 |
44.47 |
SG Cowen & Co., Wachovia Capital Markets (co-lead) |
$21.25 |
$151.2 |
Total: $449.25M | ||||||||
Number of follow-on offerings in March: 3 | ||||||||
Average value of March follow-ons: $47.0M | ||||||||
Number of follow-on offerings in 2005: 17 | ||||||||
Total raised in follow-ons in 2005: $1,101.3M | ||||||||
Average value of follow-ons in 2005: $64.78M | ||||||||
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. | ||||||||
ATX = Austrian Stock Exchange; LSE = London Stock Exchange; OTC BB = Over-the-Counter Bulletin Board; TSE = Toronto Stock Exchange. | ||||||||
1. Ardana raised £21M in an IPO on the London Stock Exchange. The underwriter has an option to purchase up to 2.46M additional shares to cover overallotments. | ||||||||
2. Aspreva raised $91.1M in an IPO in the U.S. and Canada. The totals include the underwriters' purchase of 1.08M shares per their overallotment option. | ||||||||
3. CardioVascular raised $17.25M in an IPO of 1.725M shares. The underwriter had an option to purchase another 300,000 shares to cover overallotments. | ||||||||
4. Underwriters of Icagen's IPO in February exercised their option on another 100,000 shares. The IPO totaled 5.1M shares and $40.8M in gross proceeds. | ||||||||
5. Underwriters of Intercell's IPO in February on the Austrian Stock Exchange exercised their option on another 989,132 shares, bringing the IPO total to about €52.2M. | ||||||||
6. The underwriter of MediciNova's IPO in February in Japan exercised its option on another 1.573M shares, bringing the IPO total to about $122.5M. | ||||||||
7. Cardiome raised $58.65M in a follow-on offering of 9.775M shares in the U.S. and Canada. The totals include the underwriters' purchase of 1.275M shares per their overallotment option. | ||||||||
8. Neurochem raised $61.2M in a follow-on offering of 4M shares in the U.S. and Canada. Underwriters have an option to purchase up to 600,000 additional shares to cover overallotments. | ||||||||
9. Vivus raised $21.25M in a follow-on offering of 6.25M shares. Underwriters have an option to purchase up to 937,500 additional shares to cover overallotments. | ||||||||
II. FILED AND PENDING |
Company |
Date Filed |
Shares/Units |
Price Range |
Shares Out (M)@ |
Lead, Other |
Value (M) |
INITIAL OFFERINGS | ||||||
Accentia Bio- |
2/11/05 |
N/A |
N/A |
N/A |
Jefferies & Co., Robert W. Baird & Co., Ferris, Baker Watts, Stifel, Nicolaus & Co. |
$86.25 |
AlgoRx Pharmaceuticals |
11/29/04 |
6.8S |
$7-$8 |
N/A |
Credit Suisse First Boston, Citigroup (co-lead), Piper Jaffray & Co., Lazard Freres & Co. |
$51 |
Atrium |
2/17/05 |
4.167S |
C$12 |
N/A |
RBC Dominion Securities, National Bank Financial (co-lead), HSBC Securities, BMO Nesbitt Burns, CIBC World Markets, GMP Securities, Loewen, McCutcheon |
C$50 (US$41.3) |
BioNumerik |
6/9/04 |
N/A |
N/A |
N/A |
UBS Investment Bank, Needham & Co., Leerink Swann & Co., Punk, Ziegel & Co. |
$86.25 |
Celldex |
4/09/04 |
N/A |
N/A |
N/A |
Janney Montgomery Scott |
$50 |
CombinatoRx |
12/13/04 |
N/A |
N/A |
N/A |
SG Cowen & Co., Pacific Growth Equities (co-lead), SunTrust Robinson Humphrey, A.G. Edwards |
$100 |
Corus |
8/27/04 |
N/A |
N/A |
N/A |
Merrill Lynch & Co., Pacific Growth Equities, SunTrust Robinson Humphrey, JMP Securities |
$100 |
EpiCept Corp. |
1/10/05 |
N/A |
N/A |
N/A |
Wachovia Capital Markets, C.E. Unterberg, Towbin (co-lead) |
$75 |
Intarcia |
2/7/05 |
N/A |
N/A |
N/A |
Credit Suisse First Boston, Pacific Growth Equities, Lazard Freres & Co. |
$86.25 |
Peninsula |
12/16/03 |
N/A |
N/A |
N/A |
Credit Suisse First Boston, Piper Jaffray & Co., Citigroup, First Albany Capital |
$86.25 |
Salmedix Inc. |
4/23/04 |
N/A |
N/A |
N/A |
SG Cowen & Co., Pacific Growth Equities (co-lead), JMP Securities, ThinkEquity Partners |
$86.25 |
Sunesis |
12/23/04 |
N/A |
N/A |
N/A |
Lehman Brothers, SG Cowen & Co. (co- lead), Needham & Co. |
$86.25 |
Synta |
1/18/05 |
N/A |
N/A |
N/A |
Morgan Stanley & Co., Lehman Bothers, Lazard Freres & Co. |
$115 |
Valera |
3/14/05 |
N/A |
N/A |
N/A |
UBS Investment Bank, Banc of America (co- lead), First Albany Capital, Fortis Securities |
$74.75 |
XenoPort Inc. |
1/19/05 |
N/A |
N/A |
N/A |
Morgan Stanley & Co., Deutsche Bank Securities, Pacific Growth Equities, Lazard Freres & Co. |
$86.25 |
FOLLOW-ON OFFERINGS | ||||||
Allos |
3/5/04 |
N/A |
N/A |
N/A |
N/A |
$75 |
Antigenics |
8/12/04 |
N/A |
N/A |
N/A |
N/A |
$100 |
Atrix |
1/16/04 |
N/A |
N/A |
N/A |
N/A |
$150 |
Avanir |
4/12/04 |
N/A |
N/A |
N/A |
N/A |
$50 |
Biomira Inc. |
7/14/04 |
N/A |
N/A |
N/A |
N/A |
$100 |
CancerVax |
11/8/04 |
N/A |
N/A |
N/A |
N/A |
$80 |
Cephalon Inc. |
2/6/04 |
N/A |
N/A |
N/A |
N/A |
$1B |
Dyax Corp. |
3/11/04 |
7.5S |
$13.78 |
N/A |
N/A |
$103.4 |
Emisphere |
7/8/04 |
5S |
$3.53 |
N/A |
N/A |
$17.7 |
Encysive |
6/7/04 |
N/A |
N/A |
N/A |
N/A |
$150 |
Exelixis |
10/27/04 |
N/A |
N/A |
N/A |
N/A |
$200 |
Geron Corp. |
5/5/04 |
N/A |
N/A |
N/A |
N/A |
$150 |
Keryx Bio-pharmaceuticals |
9/29/04 |
5S |
$11.45 |
N/A |
N/A |
$57.3 |
Nabi Bio- |
12/7/04 |
N/A |
N/A |
N/A |
N/A |
$175 |
Nektar |
3/8/04 |
9.5S |
$22.13 |
N/A |
Lehman Brothers |
$210.2 |
Orchid |
1/13/04 |
N/A |
N/A |
N/A |
N/A |
$30 |
Orphan Medical |
4/14/04 |
4S |
$11.17 |
N/A |
N/A |
$44.7 |
Point |
12/17/04 |
N/A |
N/A |
N/A |
N/A |
$50 |
Pozen Inc. |
2/3/04 |
8.54S |
$11.91 |
N/A |
N/A |
$101.7 |
Progenics |
5/26/04 |
N/A |
N/A |
N/A |
N/A |
$60 |
Seattle Genetics |
11/23/04 |
N/A |
N/A |
N/A |
N/A |
$75 |
Sequenom |
1/30/04 |
N/A |
N/A |
N/A |
N/A |
$50 |
Targeted |
6/17/04 |
16.3S |
$1.51 |
N/A |
N/A |
$24.6 |
Titan |
2/6/04 |
N/A |
N/A |
N/A |
N/A |
$50 |
United |
2/10/05 |
5S |
$44.57 |
N/A |
N/A |
$222.9 |
Vion |
12/14/04 |
N/A |
N/A |
N/A |
N/A |
$75 |
WITHDRAWN AND POSTPONED | ||||||
Company |
Date |
Shares/ |
Price Range | Shares |
Lead, Other |
Value (M) |
| ||||||
Targacept |
5/14/04/ |
N/A |
N/A |
N/A |
Morgan Stanley & Co., Deutsche Bank Securities, CIBC World Markets, Pacific Growth Equities |
$86.25 |
Notes: | ||||||
# Unless otherwise indicated, shares are traded on the Nasdaq exchange. | ||||||
* 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. | ||||||
AMEX = American Stock Exchange. | ||||||
1. Accentia filed to raise up to $86.25M in an IPO. | ||||||
2. AlgoRx filed to raise up to $75M in an IPO. It reduced the price range in February. The value is based on the midpoint of the price range. | ||||||
3. Atrium plans to raise C$50M in an IPO in Canada. The totals do not include C$25 being sold in the offering by a shareholder. AEterna Zentaris Inc.'s stake in Atrium would be reduced to 50.7 percent. | ||||||
4. BioNumerik filed to raise up to $86.25M in an IPO. | ||||||
5. Celldex filed to raise $50M in an IPO. After the sale Medarex Inc. would own about 75 percent of the company. | ||||||
6. CombinatoRx filed to raise up to $100M in an IPO. | ||||||
7. Corus filed to raise up to $100M in an IPO. | ||||||
8. EpiCept filed to raise up to $75M in an IPO. | ||||||
9. Intarcia filed to raise up to $86.25M in an IPO. | ||||||
10. Peninsula filed to raise up to $86.25M in an IPO. It delayed the pricing in February, saying it was in discussions regarding its possible acquisition. | ||||||
11. Salmedix filed to raise up to $86.25M in an IPO. | ||||||
12. Sunesis filed to raise up to $86.25M in an IPO. | ||||||
13. Synta filed to raise up to $115M in an IPO. | ||||||
14. Valera filed to raise up to $74.75M in an IPO. | ||||||
15. XenoPort filed to raise up to $86.25M in an IPO. | ||||||
16. Allos filed a shelf registration statement to sell up to $75M of various securities. It placed $52M in convertible stock in March. | ||||||
17. Antigenics filed a shelf registration statement to sell up to $100M in various securities. It sold $50M in notes in January. | ||||||
18. Atrix filed a shelf registration statement to sell up to $150M in various securities. | ||||||
19. Avanir filed a shelf registration statement to sell up to $50M in Class A common stock. It raised $25M in May through the sale of 19.7M Class A shares. | ||||||
20. Biomira filed a shelf registration statement in both Canada and the U.S. to sell up to $100M of securities. It placed $12.57M in stock in December. | ||||||
21. CancerVax filed a shelf registration statement to sell up to $80M in common stock. | ||||||
22. Cephalon filed a $1B universal shelf registration statement covering the sale of various securities. | ||||||
23. Dyax filed a shelf registration statement to sell up to 7.5M shares. The value is based on the March 10, 2004, closing price. | ||||||
24. Emisphere filed a shelf registration statement covering 5M shares. The value is based on the July 7 closing price. | ||||||
25. Encysive filed a shelf registration statement to sell up to $150M in various securities. It raised $36.5M through the sale of 4.6M shares in September. | ||||||
26. Exelixis filed a shelf registration statement covering up to $200M in various securities. | ||||||
27. Geron filed a shelf registration statement covering the sale of up to $150M of various securities. It sold $40M in stock and warrants in November. | ||||||
28. Keryx filed to sell up to 5M shares. The value is based on the Sept. 29 closing price. | ||||||
29. Nabi filed a shelf registration statement to sell up to $175M in various securities. | ||||||
30. Nektar said on March 8, 2004, it was selling 9.5M shares from an existing shelf registration statement. The value is based on the closing price that day. | ||||||
31. Orchid filed a shelf registration statement to sell up to $30M in common stock. | ||||||
32. Orphan Medical filed a shelf registration statement covering 4M common shares. The value is based on the April 13, 2004, closing price. | ||||||
33. Point Therapeutics filed a shelf registration statement to sell up to $50M of common stock and warrants. It raised $16.43M in March through the sale of 3.65M shares. | ||||||
34. Pozen registered to sell 8.54M shares, including an overallotment option, at a maximum price of $11.91 each. | ||||||
35. Progenics filed a shelf registration statement to sell up to $60M of common stock. | ||||||
36. Seattle Genetics filed a shelf registration statement to sell up to $75M in stock. | ||||||
37. Sequenom filed a shelf registration statement to sell up to $50M in stock and warrants. | ||||||
38. Targeted Genetics filed a shelf registration statement to sell up to 16.3M shares. The value is based on the June 17 closing price. It raised $6M in a private placement in January. | ||||||
39. Titan filed a shelf registration statement for the sale of up to $50M in common or preferred stock. It privately placed $15M in stock in March 2004. | ||||||
40. United Therapeutics filed a shelf registration statement covering 5M shares. The value is based on the Feb. 10 closing price. | ||||||
41. Vion filed a shelf registration statement covering up to $75M of common stock and warrants. It raised $32.5M through the sale of 10M shares on Jan. 26. | ||||||
42. Targacept cited unfavorable market conditions in postponing its proposed IPO in February, and it withdrew the filing in March. |