I. COMMENCED TRADING IN OCTOBER

Company (Symbol)

Date Filed

Date Comm.

Shares/Units (M)

Price

Shares Out (M)

Lead, Other Underwriters

Gross (M)

Net (M)

INITIAL OFFERINGS

Crucell NV (Netherlands; CRXL)1

N/A

10/29

8S

EUR18 US$14.89

N/A

Goldman Sachs International ING Barings UBS Warburg

EUR144 US$119.1

N/A

Genesis Research & Development Corp. Ltd. (New Zealand)2

N/A

10/4*

N/A

N/A

N/A

N/A

NZ$34.2 US$14

N/A

Genmab AS (Denmark; COIS)3

N/A

10/11

6S

DKK260 US$30

N/A

N/A

EUR194 US$168.4

N/A

InforMax Inc. (INMX)4

7/11

10/3

5S

$16

18.65

Bear Stearns & Co. U.S. Bancorp Piper Jaffray Adams, Harkness & Hill

$80

$73.2

Introgen Therapeutics Inc. (INGN)5

2/17

10/11

4.6

$8

20.5

S.G. Cowen Securities PaineWebber Inc. Prudential Vector Healthcare

$36.8

$33.1

IstoTis NV (Netherlands)6

N/A

10/11*

N/A

N/A

N/A

N/A

EUR73 US$63.4

N/A

Kosan Biosciences Inc. (KOSN)7

3/31

10/9

5.75S

$14

23.85

Lehman Brothers CIBC World Markets SG Cowen Securities Fidelity Capital Markets

$80.5

$73.6

MediChem Life Sciences Inc. (MCLS)8

6/16

10/26

6.4S

$7

25.4

UBS Warburg LLC Chase H&Q William Blair & Co.

$44.8

$40.2

Pozen Inc. (POZN)9

4/28

10/11

5S

$15

26.4

U.S. Bancorp Piper Jaffray Prudential Vector Healthcare Pacific Growth Equities Inc.

$75

$68.3

Total: $682M

Number of IPOs in October: 9

Average value of October IPOs: $75.8M

Number of IPOs year-to-date: 79

Total raised in IPOs year-to-date: $6,691.1M

Average value of IPOs year-to-date: $84.7M

Notes:

* Denotes the date item ran in BioWorld International.

1 Crucell's shares will trade on Euronext in Amsterdam and on the Nasdaq exchange. The company was formed by the merger of IntroGene and U-BiSys in June. The underwriters have an overallotment option for 1.2M shares.

2 Genesis Research's IPO was conducted on the Australian Stock Exchange.

3 Genmab's IPO was conducted on the Copenhagen and Frankfurt stock exchanges. The underwriters have an overallotment option for 900,000 shares.

4 InforMax's underwriters have an overallotment option for 750,000 shares.

5 Introgen's IPO includes the full exercise of the overallotment option for 600,000 shares.

6 IstoTis conducted its IPO on the Amsterdam Stock Exchange.

7 Kosan's IPO includes the full exercise of the overallotment option for 750,000 shares.

8 MediChem's underwriters have an overallotment option for an additional 960,000 shares.

9 Pozen's underwriters have an overallotment option for an additional 750,000 shares.

FOLLOW-ON OFFERINGS

Company (Symbol)

Date Filed

Date Comm.

Shares/Units (M)

Price

Shares Out

Lead, Other Underwriters

Gross (M)

Net (M)

Albany Molecular Research Inc. (AMRI)10

9/6

10/6

3S

$42.25

32.8

Deutsche Banc Alex. Brown Chase H&Q CIBC World Markets Prudential Vector Healthcare FAC/Equities

$126.75

N/A

Dendreon Corp. (DNDN)11

10/11

10/27

2.5S

$15.625

24.2

Prudential Vector Healthcare SG Cowen Securities Pacific Growth Equities Inc.

$39.1

$36.4

Human Genome Sciences Inc. (HGSI)12

9/6

10/27

12.65S

$75

122.4

Credit Suisse First Boston Goldman, Sachs & Co. Lehman Brothers CIBC World Markets J.P. Morgan & Co. Dain Rauscher Wessels

$950

N/A

Immunex Corp. (IMNX)13

8/9

10/18

20S

$46.19

537.5

Morgan Stanley Dean Witter Merrill Lynch & Co. (co-leads) Credit Suisse First Boston Lehman Brothers Inc. Bank of America Securities LLC Bear, Stearns & Co. Inc. Robertson Stephens Inc.

$923.75

$897.2

Insmed Inc. (INSM)14

9/26

10/27

5.5S

$11.875

32.7

Robertson Stephens Inc. Bank of America Securities Prudential Vector Healthcare

$65.3

$60.8

Millennium Pharmaceuticals Inc. (MLNM)15

9/29

10/6

11S

$64

209.7

Goldman, Sachs & Co. (co-lead) Morgan Stanley Dean Witter (co-lead) Robertson Stephens Inc. Credit Suisse First Boston

$704

$677.2

Onyx Pharmaceuticals Inc. (ONXX)16

9/22

10/11

3S

$15

17.4

U.S. Bancorp Piper Jaffray CIBC World Markets

$45

$41.4

StressGen Biotechnologies Corp. (Canada; TSE:SSB)17

9/19

10/17

6.5S

C$7 US$4.66

49.3

BMO Nesbitt Burns Inc. CIBC World Markets Goepel McDermid Inc.

C$45.5 US$29.9

C$42.2 US$27.6

Notes:

10 Albany's figures do not include an additional 1.1M shares sold by a stockholder. The underwriters' overallotment option for 615,000 shares was exercised and sold through a selling stockholder.

11 Dendreon's underwriters have an overallotment option for up to 375,000 shares.

12 Human Genome Sciences filed a universal shelf registration 9/6 allowing for a $1B offering of convertible debt, preferred and common stock and warrants to purchase stock. This offering of 11M shares is part of that shelf registration. The underwriters also exercised their option for 1.65M shares to cover overallotments.

13 Immunex's offering is for 60M shares, 20M offered by Immunex and 40M offered by American Home Products Corp. (NYSE:AHP). The offering is part of a shelf registration. AHP has granted the underwriters an option to purchase up to 9M shares to cover overallotments. The figures are based on an assumed offering price of $46.1875.

14 Insmed's offering is for 6.5M shares, 5.5M offered by the company and 1M offered by selling shareholders. The shareholders granted the underwriters an option to purchase up to an additional 975,000 shares to cover overallotments.

15 Millennium's offering is part of a shelf registration. The underwriters have an overallotment option for 1.65M shares.

16 Onyx's underwriters have an overallotment option for 450,000 shares.

17 StressGen's offering is registered in Canada. The underwriters have an overallotment option for 975,000 shares.

Total: $2,883.8M

Number of follow-on offerings in October: 8

Average value of October follow-ons: $360.5M

Number of follow-on offerings year-to-date: 51

Total raised in follow-ons year-to-date: $11,152.7M

Average value of follow-ons year-to-date: $218.7M

II. FILED AND PENDING

Company (Symbol/Proposed Symbol)*

Date Filed

Shares/Units (M)

Price Range

Shares Out (M)

Lead, Other Underwriters

Value (M)

INITIAL OFFERINGS

AeroGen Inc. (AEGN)1

8/25

3.6S

$13-15

19.4

Chase H&Q CIBC World Markets Corp.SG Cowen Securities

$50.4

Array Biopharma Inc. (ARRY)2

9/15

6S

$9-11

21.4

Lehman Brothers Deutsche Banc Alex. Brown Legg Mason Wood Walker

$60

Athersys Inc.3 (ATHX)

10/13

N/A

N/A

N/A

Credit Suisse First Boston Dain Rauscher Wessels ING Barings LLC

$115

Cellomics Inc. (CLMX)4

3/3

6S

$16-18

20.1

Prudential Vector Healthcare ING Barings LLC Dain Rauscher Wessels

$102

ConjuChem Inc. (Canada)5

10/6

N/A

N/A

N/A

Yorkton Securities Inc. BMO Nesbitt Burns Inc. HSBC Securities Inc. National Bank Financial Inc.

C$25-$30 US$20

DoubleTwist Inc. (DBLT)6

9/1

5S

$13-15

24.2

Lehman Brothers Inc. Dain Rauscher Wessels Thomas Weisel Partners LLC Fidelity Capital Markets

$70

Elitra Pharmaceuticals Inc. (ELIT)7

9/5

N/A

N/A

N/A

Chase H&Q U.S. Bancorp Piper Jaffray

$86.3

Genetix Group plc (UK)8

10/18*

N/A

N/A

N/A

N/A

#17 US$24.6

Genometrix Inc. (GNMX)9

3/15

7S

$10-12

30.1

Lehman Brothers (co-lead) Chase H&Q (co-lead) Dain Rauscher Wessels Thomas Weisel Partners LLC Fidelity Capital Markets

$77

GenVec Inc.10 (GNVC)

10/5

N/A

N/A

N/A

J.P. Morgan & Co. UBS Warburg LLC A.G. Edwards & Sons Inc.

$50

GroPep Ltd.11

N/A

9.4S

A$1.60 (US$0.94)

N/A

N/A

A$17.4 US$10.4

GlycoDesign Inc. (Canada) 12

10/2

N/A

N/A

N/A

Noewen, Ondaatje, McCutcheon Ltd. BMO Nesbitt Burns Inc. National Bank Financial Inc.

C$24 US$15.7

Kinetek Pharmaceuticals Inc. (Canada)13

10/20

N/A

N/A

N/A

N/A

N/A

NetGenics Inc. (NTGC)14

3/13

5.5S

$11-13

23.5

Chase H&Q Warburg Dillon Read LLC

$66

Nexia Biotechnologies Inc. (Canada)15

10/20

N/A

N/A

N/A

National Bank Financial Inc. RBC Dominion Securities Inc. BMO Nesbitt Burns Inc. HSBC Securities Inc.

N/A

Novuspharma Inc. (Italy)16

10/30

2.5S

N/A

N/A

N/A

EUR177.3 US$150

Peplin Biotech Ltd.17 (Australia)

8/24

17.5S

A$0.40

N/A

Morgan Corporate Ltd.

A$7 US$3.66

Rigel Pharmaceuticals Inc. (RIGL)18

9/18

9S

$8-10

39.6

Morgan Stanley Dean Witter Lehman Brothers Robertson Stephens Inc.

$81

Specialty Laboratories Inc. (NYSE:SP)19

9/12

5S

$14-16

20.2

Merrill Lynch & Co. UBS Warburg LLC U.S. Bancorp Piper Jaffray

$75

Third Wave Technologies (TWTI)20

7/31

8.5S

$12-14

42.5

Lehman Brothers CIBC World Markets Robert W. Baird & Co. Fidelity Capital Markets

$110.5

Starpharma21 (Australia; ASX:SPL)

8/18

24S

A$0.85

86.5

UBS Warburg Australia Ltd.

A$20.4 US$10.9

FOLLOW-ON OFFERINGS

Alexion Pharmaceuticals Inc. (ALXN)22

10/6

N/A

N/A

N/A

N/A

$300

Aradigm Corp.23 (ARDM)

10/23

N/A

N/A

N/A

N/A

$50

ArQule Inc. (ARQL)24

10/20

2.5S

$18.91

16.1

UBS Warburg LLC CIBC World Markets Corp. Gerard Klauer Mattison & Co. LLC Legg Mason Wood Walker Inc.

$47.275

Avigen Inc. (AVGN)25

10/10

N/A

N/A

N/A

N/A

$120

Barr Laboratories Inc. (NYSE:BRL)26

9/14

.5S

$74.78

35.7

Bank of America Securities LLC

$37.4

Bone Care International Inc. (BCII)27

9/12

3S

$19.13

14.5

Prudential Vector Healthcare Group U.S. Bancorp Piper Jaffray (co-leads)

$57.4

CIMA Labs Inc. (CIMA)28

10/9

2.5S

$55.63

13.5

Deutsche Banc Alex. Brown S.G. Cowen Securities Fahnestock & Co. Inc.

$139.1

Corvas International Inc. (CVAS)29

10/2

5S

$20.50

26.3

CIBC World Markets Corp. Prudential Vector Healthcare U.S. Bancorp Piper Jaffray

$115

CuraGen Corp. (CRGN)30

10/9

N/A

N/A

N/A

N/A

$500

ICOS Corp. (ICOS)31

10/11

5S

$48.25

51.1

SG Cowen Securities Bank of America Securities LLC Prudential Vector Healthcare Group Robertson Stephens Inc. Ragen MacKenzie Inc.

$241.25

ImmunoGen Inc. (IMGN)32

10/17

4S

$38.50

38.4

SG Cowen Securities Robertson Stephens Inc. Adams, Harkness & Hill

$154

Neurocrine Biosciences Inc. (NBIX)33

10/4

3S

N/A

N/A

Robertson Stephens Inc. Salomon Smith Barney

N/A

NPS Pharmaceuticals Inc. (NPSP)34

10/13

3.5S

$35.81

28.5

CIBC World Markets Prudential Vector Healthcare Robertson Stephens Inc.

$125.34

OSI Pharmaceuticals Inc. (OSIP)35

9/29

4.5S

$70

26.5

Robertson Stephens Inc. (co-lead) Lehman Brothers Inc. (co-lead) Prudential Vector Healthcare Lazard Freres & Co. LLC Adams, Harkness & Hill

$315

Triangle Pharmaceuticals Inc. (VIRS)36

10/23

N/A

N/A

N/A

N/A

$100

III. WITHDRAWN OR POSTPONED INITIAL OFFERINGS

FOLLOW-ON OFFERINGS

Orchid Biosciences Inc. (ORCH)38

9/22

2.5S

$30.63

35.7

Credit Suisse First Boston Robertson Stephens Inc. Salomon Smith Barney

$76.6

Notes:

* Stock symbols for companies seeking to complete IPOs are proposed.

1 The value of AeroGen's IPO, $50.4M, is based on the assumed offering price of $14, the midpoint of the specified range.

2. Array's prospectus was amended 10/27. The value of the IPO, $60M, is based on the sale of 6M shares at $10 each, the midpoint of the expected price range. The underwriters have an overallotment option for 800,000 shares from the company and up to 100,000 from two selling stockholders.

3 Athersys' prospectus did not disclose the number of shares to be offered, the price in which they would be offered, or the number of shares outstanding following the offering.

4 Cellomics' prospectus was amended 4/14/00 and 9/5/00. The estimated value of the IPO, $102M, is based on the sale of 6M shares at $17, the midpoint of the expected price range. The underwriters have an overallotment option for 900,000 shares.

5 ConjuChem's prospectus does not list the number of shares to be offered or at what price.

6 The value of DoubleTwist's IPO, $70M, is based on the sale of 5M shares at $14 each, the midpoint of the expected price range. The underwriters have an overallotment option for 750,000 shares.

7 The value of Elitra's IPO, $86.3M, is based on the proposed maximum aggregate offering price and includes the underwriters overallotment option for $11.25M in shares. The company's prospectus did not disclose the number of shares offered or the expected price range.

8 Genetix filed to float on the London Stock Exchange and raise #27M (US$39M), of which #17M will be invested in the company and #10M will go to selling shareholders.

9 Genometrix's prospectus was amended 4/19, 5/2, 5/22 and 5/23. The estimated value of the IPO, $77M, is based on the sale of 7M shares at $11, the midpoint of the expected price range. The underwriters have an overallotment option for an additional 1.05M shares.

10 GenVec did not disclose the number of shares it is offering, or at what price, or the number of common stock outstanding following the offering.

11 GroPep is seeking to complete an IPO in Australia by issuing 9.4M shares at A$1.60, plus additional shares to meet demand.

12 GlycoDesign filed for its IPO in Canada. The value of the offering, $24M, is based on information given in the company's prospectus.

13 Kinetek's proposed IPO is filed in Canada. It is expected to be completed before mid-December. No other details were disclosed.

14 The estimated value of NetGenics' IPO, $66M, is based on the sale of 5.5M shares at an assumed price of $12 per share. The underwriters have an overallotment option for an additional 825,000 shares.

15 Nexia's proposed IPO is filed in Canada. No other details were disclosed.

16 Novuspharma is issuing 2.5M shares, 1.96M to institutional investors, 40,000 to private investors and 500,000 to the public on the Italian Stock Exchange.

17 Peplin plans to raise A$7M in its Australian IPO.

18 Rigel's underwriters have an overallotment option for 1.35M shares. The value of the IPO, $81M, is based on the offering price of $9 per share, the midpoint of the expected price range.

19 The value of Specialty Laboratories' IPO, $75M, is based on the sale of 5M shares at $15 each, the midpoint of the expected price range. The underwriters have an overallotment option for 750,000 shares.

20 Third Wave's prospectus was amended 9/12. The underwriters have an overallotment option for 1.275 shares.

21 Starpharma's Australian IPO was planned in May but held back due to unfavorable markets at that time. The company will accept oversubscriptions from existing shareholders for up to 2.4M shares.

22 Alexion filed a shelf registration statement with the SEC to permit the company to offer and sell common stock, debt, or warrants to purchase common stock or debt, up to a value of $300M. No other details were disclosed.

23 Aradigm did not disclose the number of shares it is offering, at what price they will be offered, or the number of shares to be outstanding following the offering. It also did not disclose a list of underwriters.

24 ArQule's underwriters have an overallotment option for 375,000 shares. The value of the offering, $47.275, is based on the sale of 2.5M shares at an assumed price of $18.91 each.

25 Avigen filed a shelf registration statement with the SEC for the sale of up to $120M of various types of equity securities. No further details were disclosed.

26 Barr intends to sell .5M shares and a stockholder intends to sell 3M shares. The value is based on an assumed offering price of $74.78. The underwriters have an overallotment option for 525,000 shares.

27 The value of Bone Care's offering is based on an assumed price of $19.13. The underwriters have an overallotment option for 450,000 shares.

28 CIMA's underwriters have an overallotment option for 375,000 shares, 180,000 from the company and the rest from a selling stockholder.

29 Corvas' underwriters have an overallotment option for 750,000 shares.

30 CuraGen filed a shelf registration statement with the SEC for the sale of up to $500M of various types of securities. No further details were disclosed.

31 The value of ICOS's offering, $241.25M, is based on the sale of 5M shares at the assumed offering price of $48.25. ICOS's underwriters have an overallotment option for 750,000 shares.

32 The value of Immunogen's offering, $154M, is based on the sale of 4M shares at an assumed price of $38.50. Immunogen's underwriters have an overallotment option for up to 600,000 shares.

33 Neurocrine's underwriters have an overallotment option for 450,000 shares.

34 NPS replaced its 9/6 registration with a 10/13 registration. The company amended the registration 10/20. The offering's value, $125.34M, is based on the sale of 3.5M shares at an assumed price of $35.81. The underwriters have an option to purchase up to an additional 525,000 shares to cover overallotments.

35 The value of OSI's offering, $315M, is based on an assumed offering price of $70, the closing stock price on Sept. 29. The underwriters have an overallotment option for 675,000 shares.

36 Triangle filed a shelf registration statement for the sale of up to $100M worth of common stock. No other details were disclosed.

37 Drugabuse Sciences withdrew its planned initial public offering on 10/13 after three price cuts.

38 Orchid BioSciences withdrew its follow-on public offering filed in Sept. 2000 due to market conditions. Orchid filed in September to sell 3.5M shares, including 1M from stockholders.

No Comments