I. COMMENCED TRADING IN SEPTEMBER |
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Company (Symbol) | Date Filed | Date | Shares/Comm. | Price Units (M) | Shares Out (M) | Lead, Other Underwriters | Gross ($M) | Net ($M) |
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INITIAL OFFERINGS |
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Ciphergen Biosystems (CIPH)1 | 3/20 | 9/29 | 5.5S | $16 | 25.6 | S.G. Cowen Securities ING Barings UBS Warburg LLC | $88 | $80.3 |
Durect Corp. (DRRX)2 | 4/20 | 9/28 | 7S | $12 | 45.8 | Morgan Stanley Dean Witter Chase H&Q CIBC World Markets | $84 | $76.9 |
Eden BioScience Corp. (EDEN)3 | 7/7 | 9/27 | 5.8S | $15 | 22.7 | Merrill Lynch & Co. Stephens Inc. George K. Baum & Co. Ragen Mackenzie Inc. | $87 | $79.8 |
Genomica Corp. (GNOM)4 | 3/15 | 9/29 | 6.4S | $19 | 22.4 | CIBC World Markets Dain Rauscher Wessels Prudential Vector Healthcare | $122.4 | $112.5 |
Waratah Pharmaceuticals (CDNX:WAR)5 | 6/30 | 9/20 | 11.5S | C$.85 | 23.7 | Yorkton Securities Inc. Canaccord Capital Corp. | C$9.7 (US$6.48) | N/A |
Total: $387.9M |
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Number of IPOs in September: 5 |
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Average value of September IPOs: $77.6M |
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Number of IPOs year-to-date: 70 |
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Total raised in IPOs year-to-date: $6,009.1M |
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Average value of IPOs year-to-date: $85.8M |
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Notes: |
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1 Ciphergen's underwriters have an overallotment option for 825,000 shares. |
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2 Durect's underwriters have an overallotment option for 1.05M shares. |
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3 Eden's underwriters have an overallotment option for 870,000 shares. |
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4 Genomica's underwriters have an overallotment option for 966,000 shares. |
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5 The figures in Waratah's IPO include the exercise of the underwriters' overallotment option of 1.5M shares. |
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FOLLOW-ON OFFERINGS |
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Company (Symbol) | Date Filed | Date | Shares/Comm. | Price Units (M) | Shares Out | Lead, Other Underwriters | Gross ($M) | Net ($M) |
Cell Therapeutics Inc. (CTIC)6 | 7/13 | 9/18 | 3.6S | $38 | 29.9 | CIBC World Markets (co-lead) U.S. Bancorp Piper Jaffray (co-lead) | $136.8 | $128.6 |
NeoPharm Inc. (NEOL)7 | 8/24 | 9/26 | 3S | $35.50 | 14.1 | Prudential Vector Healthcare U.S. Bancorp Piper Jaffray | $106.5 | $99.8 |
Protein Design Labs Inc. (PDLI)8 | 8/30 | 9/26 | 3S | $118.4 | 42.8 | CS First Boston (co-lead) CIBC World Markets (co-lead) SG Cowen Securities | $355.3 | $337.1 |
Notes: |
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6 The figures in Cell Therapeutics' offering include the underwriters exercise of the overallotment option for 469,565 shares. |
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7 NeoPharm sold 3M shares and an additional 200,000 shares were sold by a selling stockholder. The underwriters have an overallotment option for 480,000 shares. |
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8 Protein Design Labs' underwriters have an overallotment option for 450,000 shares. |
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Total: $598.6M |
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Number of follow-on offerings in September: 3 |
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Average value of September follow-ons: $199.5M |
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Number of follow-on offerings year-to-date: 43 |
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Total raised in follow-ons year-to-date: $8,268.9M |
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Average value of follow-ons year-to-date: $192.3M |
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II. FILED AND PENDING |
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Company (Symbol/Proposed Symbol) | Date Filed | Shares/Units (M) | Price Range | Shares Out (M) | Lead, Other Underwriters | Value ($M) |
INITIAL OFFERINGS |
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AeroGen Inc. (AEGN)1 | 8/25 | N/A | N/A | N/A | Chase H&Q CIBC World Markets Corp. SG Cowen | $57.5 |
Array Biopharma Inc. (ARRY)2 | 9/15 | $6 | $10-12 | 21.4 | Lehman Brothers Deutsche Banc Alex. Brown Legg Mason Wood Walker | $66 |
Cellomics Inc. (CLMX)3 | 3/3 | 6S | $16-18 | 20.1 | Prudential Vector Healthcare ING Barings LLC Dain Rauscher Wessels | $102 |
DoubleTwist Inc. (DBLT)4 | 9/1 | N/A | N/A | 19 | Lehman Brothers Inc. Dain Rauscher Wessels Thomas Weisel Partners LLC Fidelity Capital Markets | $86.3 |
Elitra Pharmaceuticals Inc. (ELIT)5 | 9/5 | N/A | N/A | N/A | Chase H&Q U.S. Bancorp Piper Jaffray | $86.3 |
Genometrix Inc. (GNMX)6 | 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 |
GroPep Ltd.7 | N/A | 9.4S | A$1.60 (US$0.94) | N/A | N/A | A$17.4 (US$10.4) |
InforMax Inc. (INMX)8 | 7/11 | 5S | $14-16 | 18.13 | Bear, Stearns & Co. U.S. Bancorp Piper Jaffray Adams, Harkness & Hill | $75 |
Introgen Therapeutics Inc. (INGN)9 | 2/17 | 5S | $12-14 | 21.5 | SG Cowen Securities Corp. Prudential Vector Healthcare PaineWebber Inc. | $65 |
Kosan Biosciences Inc. (KOSN)10 | 3/31 | 5S | $14-16 | 23.84 | Lehman Brothers CIBC World Markets SG Cowen Fidelity Capital Markets | $75 |
MediChem Life Sciences Inc. (MCLS)11 | 6/16 | 6.4S | $10-12 | 25.4 | UBS Warburg LLC Chase H&Q William Blair & Co. | $70.4 |
NetGenics Inc. (NTGC)12 | 3/13 | 5.5S | $11-13 | 23.5 | Chase H&Q Warburg Dillon Read LLC | $66 |
Peplin Biotech Ltd.13 | 8/24 | 17.5S | A$0.40 | N/A | Morgan Corporate Ltd. | A$7 |
Rigel Pharmaceuticals Inc. (RIGL)14 | 9/18 | 9S | $8-10 | 39.3 | Morgan Stanley Dean Witter Lehman Brothers Robertson Stephens Inc. | $81 |
Specialty Laboratories Inc. (SPLB)15 | 9/12 | N/A | N/A | N/A | Merrill Lynch & Co. UBS Warburg LLC U.S. Bancorp Piper Jaffray | $86.3 |
Third Wave Technologies (TWTI)16 | 7/31 | 8.5S | $12-14 | 42.5 | Lehman Brothers CIBC World Markets Robert W. Baird & Co. Fidelity Capital Markets | $110.5 |
Starpharma17 (Australia; ASX:SPL) | 8/18 | 24S | A$0.85 | 86.5 | UBS Warburg Australia Ltd. | A$20.4 (US$10.9) |
FOLLOW-ON OFFERINGS |
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Company (Symbol) | Date Filed | Shares/Units (M) | Price Range | Shares Out (M) | Lead, Other Underwriters | Value ($M) |
Albany Molecular Research Inc. (AMRI)18 | 9/6 | 3S | $48.63 | 32.75 | Deutsche Banc Alex. Brown Chase H&Q CIBC World Markets Prudential Vector Healthcare Group | $145.9 |
Barr Laboratories Inc. (NYSE:BRL)19 | 9/14 | .5S | $74.78 | 35.7 | Bank of America Securities LLC | $37.4 |
Bone Care International Inc. (BCII)20 | 9/12 | 3S | $19.13 | 14.5 | Prudential Vector Healthcare Group U.S. Bancorp Piper Jaffray (co-leads) | $57.4 |
Human Genome Sciences Inc. (HGSI)21 | 9/6 | N/A | N/A | N/A | N/A | $1,000 |
Insmed Inc. (INSM)22 | 9/26 | 5S | $14 | 32.15 | Robertson Stephens Inc. Bank of America Securities LLC Prudential Vector Healthcare | $70 |
Millennium Pharmaceuticals Inc. (MLNM)23 | 9/29 | 5.5S | $148.1 | 92 | Goldman, Sachs & Co. (co-lead) Morgan Stanley Dean Witter (co-lead) Robertson Stephens Inc. CS First Boston | $814.7 |
NPS Pharmaceuticals Inc. (NPSP)24 | 9/6 | 3S | $44.25 | 27.9 | CIBC World Markets Prudential Vector Healthcare | $132.75 |
Onyx Pharmaceuticals Inc. (ONXX)25 | 9/22 | 3S | $21.31 | 17.4 | U.S. Bancorp Piper Jaffray CIBC World Markets | $63.9 |
OSI Pharmaceuticals Inc. (OSIP)26 | 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 |
StressGen Biotechnologies Corp. (Canada; TSE:SSB)27 | 9/19 | 6S | C$7.80 | 47.7 | BMO Nesbitt Burns Inc. CIBC World Markets Goepel McDermid Inc. | C$46.8 (US$31.2) |
Notes: |
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1 The value of AeroGen's IPO, $57.5M, is based on the proposed maximum aggregate offering price. The prospectus leaves blank the number of shares to be offered, the price range and the number of shares outstanding following the offering |
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2. The value of Array's IPO, $66M, is based on the sale of 6M shares at $11 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. |
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3 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. |
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4 The value of DoubleTwist's IPO is based on the proposed maximum aggregate offering price. The company's prospectus did not disclose the number of shares to be offered or the expected price range. |
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5 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. |
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6 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. |
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7 GroPep is seeking to complete an IPO in Australia by issuing 9.4M shares at A$1.60, plus additional shares to meet demand. |
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8 InforMax's prospectus was amended 8/31 and 9/29. The estimated value of the IPO, $75M, is based on the sale of 5M shares at $15, the midpoint of the expected price range. The underwriters have an overallotment option for an additional 750,000 shares. |
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9 Introgen's prospectus was amended 8/2 and 9/8. The estimated value of the IPO, $65M, is based on the sale of 5M shares at $13, the midpoint of the expected price range. The underwriters have an overallotment option for an additional 750,000 shares. |
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10 Kosan's prospectus was amended 8/8, 9/7 and 9/28. The estimated value of the IPO, $75M, is based on the sale of 5M shares at $15, the midpoint of the expected price range. The underwriters have an overallotment option for 750,000 shares. |
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11 MediChem's prospectus was amended 8/28. The estimated value of the IPO, $70.4M, is based on the sale of 6.4M shares at $11, the midpoint of the expected price range. The underwriters have an overallotment option for 960,000 shares. |
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12 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. |
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13 Peplin plans to raise A$7M in its Australian IPO. |
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14 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. |
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15 The value of Specialty Laboratories' IPO, $86.3M, is based on the proposed maximum aggregate offering price. The company's prospectus did not disclose the number of shares to be offered, the expected price range or the shares outstanding. |
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16 Third Wave's prospectus was amended 9/12. The underwriters have an overallotment option for 1.275 shares. |
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17 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. |
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18 Albany's offering value, $145.9M, is based on the assumed price of $48.63. The figure does not include an additional 1.1M shares to be offered by a stockholder. The underwriters overallotment option for 615,000 shares is offered through a selling stockholder. |
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19 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. |
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20 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. |
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21 Human Genome Sciences filed a universal shelf registration allowing for offering of convertible debt, preferred and common stock and warrants to purchase stock. The prospectus gave no other details. |
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22 Insmed's offering is for 6M shares, 5M sold by the company and 1M sold by a stockholder. Underwriters also have an overallotment option for another 900,000 shares provided by selling shareholders. The value of the offering, $70M, is based on an assumed price of $14. |
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23 Millennium's offering is part of a shelf registration. The value, $814.7M , is based on an assumed price of $148.1. The underwriters have an overallotment option for 825,000 shares. |
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24. The value of NPS' offering is based on an assumed price of $44.25. The underwriters have an overallotment option for 450,000 shares. |
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25 The value of Onyx's offering is based on an assumed price of $21.31. The underwriters have an overallotment option for 450,000 shares. |
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26 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. |
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27 StressGen's offering is registered in Canada. The value of the offering, C$42.8M, is based on an assumed price of C$7.80, the closing stock price on Sept. 18. |
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