Company (Symbol)

Offer Date

Number Shares/Units (M)

Price Per Share/Unit ($)

Gross ($M)*

Net ($M)

Shares Out (M)

Fully Diluted (M)

Post Offering Market Cap($M)

Lead UnderWriter

Other UnderWriters

Vysis Inc. (VYSI)

2/4

3.0S

$12.00

$36.0

$32.3

9.7

10.6

116

FS

DMG,ES

Cerep SA (1)

2/18

0.3S

$36.95

$11.1

$10.3

2.0

ND

ND

BARS NI

HQ,

Quadrant Healthcare plc (LSE:QTH) (2)

2/19

18.48S

$2.138

$39.5

$36.7

ND

ND

ND

PF

Oxford Asymmetry International plc (LSE:OAI) (3)

3/10

6.9S

$4.833

$33.4

$30.7

41.3

ND

200

UBS

LJL Biosystems Inc. (LJLB)

3/13

2.09S

$7.00

$14.6

$13.6

10.3

13.2

72

NBMS

HQ, VBW

CuraGen Corp. (CRGN) (4)

3/18

3.28S

$11.50

$37.7

$35.0

13.1

16.7

151

MSDW

LB, BS

Transgene SA (TRGNY) (5)

3/26

1.51S

$43.50S ($14.50/ADS)

$65.7

$61.1

5.6

5.8

244

LB

CSFBC, BARS

Karo Bio AB (6)

4/3

2.43S

$11.80

$28.7

$26.7

9.2

ND

29

AS

HM

Oxford GlycoSciences plc(LSE:OGS) (7)

4/7

11.0S

$4.667

$51.3

$47.7

36.7

ND

171

DKB

Nanogen Inc. (NGEN) (8)

4/13

3.9S

$11.00

$42.9

$39.0

18.2

20.2

201

MSDW

LB, SBCW

Ophidian Pharmaceuticals (OPHD) (9)

5/7

1.93U

$6.10

$11.8

$11.0

9.2

10.2

56

DC

SCT

CombiChem Inc. (CCHM) (10)

5/8

2.36S

$8.00

$18.9

$17.6

13.3

14.1

107

BARS

DLJ, SSB

Icon plc (ICLRY) (11)

5/14

3.22S

$18.00

$58.0

$51.3

10.3

11.6

185

GS

WB, ML

RiboGene Inc. (RBO) (12)

5/28

2.3S

$7.00

$16.1

$12.9

5.4

8.4

38

GRU

Chemunex SA (13)

6/15

4.5S

$2.48

$11.2

$9.9

30.1

31.3

75

NI

MR

Abgenix Inc. (ABGX)

7/2

2.88S

$8.00

$23.0

$20.6

11.0

14.3

88

BARS

LB

Collateral Therapeutics Inc. (CLTX)

7/2

2.2S

$7.25

$16.0

$13.9

10.5

13.0

76

BS

RJA, VSI

Pharming Group NV (EASDAQ:PHAR) (14)

7/2

4.72S

$15.00

$70.7

$65.8

12.3

12.3

184

MP

BARS,PAR

Procyon BioPharma Inc. (ASE:PBP) (15)

7/31

3.0S

$0.645

$1.9

$1.8

21.0

ND

14

YS

CCC, LBG

Centaur Pharmaceuticals Inc. (16)

10/14

1.5S

$11.00

$16.5

$13.5

15.3

18.5

168

BJV

VSI

Antisoma plc (EASDAQ:ASOM) (17)

12/17

28.6S

$0.588

$16.8

$15.5

71.4

ND

42

NI

AS, PU

1998 IPO TOTAL: $621.8M

NOTES:

* Number of shares (or units) sold in the offering includes those sold to satisfy overallotment options, in full or in part, where applicable. Likewise, gross proceeds include revenues for the sale of shares (or units) to satisfy overallotment options, in full or in part, where applicable.

ASE = Alberta Stock Exchange; LSE = London Stock Exchange; ND = Not disclosed, reported and/or available

Although they cannot be classed as standard IPOs, two other biotechnology companies came public in 1998:

A) Shares in Cell Pathways Inc. (NASDAQ:CLPA) started trading 11/4/98; the stock opened at $16.50 per share.The company came public through a reverse merger with Tseng Labs Inc. (NASDAQ:TSNG), which was effective 11/2/98. At that time, Cell Pathways had about 24M shares outstanding and a market cap of $396M.

B) Shares in Genzyme Molecular Oncology (NASDAQ:GZMO) started trading 11/16/98; the stock opened at $15.00 per share. The company's parent organization, Genzyme Corp., distributed about 10M shares of Genzyme Molecular Oncology's tracking stock as either tax-free dividends to Genzyme General shareholders or as payment to PharmaGenics Inc. shareholders, which Genzyme acquired in 6/97 to form Genzyme Molecular Oncology. Genzyme General had announced that it would pay $7.00 cash for each fractional share, valuing the initial share price at $7.00. With 12.65M shares outstanding, Genzyme Molecular Oncology's initial market cap was $89M.

(1) Cerep SA came public on Le Nouveau Marche. There is no trading symbol. The company's corporate collaborator Sanofi SA bought US$3.71M in equity (0.1M shares at the IPO price) in a private transaction concurrent with the IPO. The prices have been converted at an exchange rate of FFr6.09/US$1.

(2) Quadrant Healthcare plc came public on the London Stock Exchange. Prices have been converted at an exchange rate of £0.61/US$1.

(3) Oxford Asymmetry International plc came public on the London Stock Exchange.The company sold 6.9M shares to institutional shareholders; existing shareholders sold an additional 4.6M shares. Prices have been converted at an exchange rate of £0.6/US$1.

(4) CuraGen Corp.'s collaborators and existing shareholders Biogen Inc. and Genentech Inc., as well as the University of Florida Research Foundation, bought an aggregate of 0.96M shares of CuraGen stock (at the public offering price) in private placements concurrent with the company's IPO. That amount, $11M, has not been added to the total cited in the chart above.

(5) Transgene SA's IPO was international, with the company obtaining a listing on Nasdaq and Le Nouveau Marche simultaneously. The company sold a total of 1.51M shares, as either common shares (in France) or as American Depositary Shares (ADSs, with each ADS equal to one-third of an ordinary share). Existing shareholders bioMerieux Alliance and the French Anti-Myopathy Association agreed to buy 0.125M and 0.036M shares, respectively, concurrently with the IPO. As well, new collaborator Human Genome Sciences Inc. bought 0.54M shares for $25M, giving it a 10% stake in Transgene.

(6) Karo Bio AB came public on the Stockholm Stock Exchange. Prices have been converted at an exchange rate of 7.797SEK/US$1.

(7) Oxford GlycoSciences plc came public on the London Stock Exchange. Company collaborators Incyte Pharmaceuticals Inc. and Pfizer Inc. bought 0.16M and 0.54M shares, respectively, at the IPO price. Those additional gross proceeds of $3.26M have not been added to the total cited in the chart above. Prices have been converted at an exchange rate of £0.6/US$1.

(8) Nanogen Inc.'s corporate collaborators bought a total of 1.09M shares for $21M in a private placement concurrent with the IPO. The collaborators Becton Dickinson and Co., Hoechst AG and Elan Corp. plc — bought $6M, $10M and $5M in common stock, respectively, all at the IPO price per share. Those additional proceeds have not been added to the total cited in the chart above.

(9) Ophidian Pharmaceuticals Inc. sold units in its IPO, each of which consisted of 1 common share ($4.422) and one 5-year warrant to buy 1 common share at $7.32. The units split into shares and warrants on 6/12/98 and no longer trade.

(10) CombiChem Inc.'s existing stockholder Elan International Services Ltd., a subsidiary of Elan Corp. plc (whose Athena Neurosciences Inc. subsidiary is a collaborator of CombiChem), bought $2M worth of the shares offered, at the IPO price per share.

(11) Icon plc sold American Depositary Shares (ADSs, where 1 ADS = 1 share) in this international IPO. There was a total of 4.015M shares sold in the offering (including the overallotment option), of which the company sold 3.22M and selling shareholders sold the rest.

(12) Concurrently with its IPO, RiboGene Inc.'s former corporate collaborator Abbott Laboratories bought 0.57M shares in a private placement at the IPO price per share (for a total of $4M), giving it a 12.72% stake. Those proceeds have not been added to the total cited in the chart above.

(13) Chemunex SA came public on Le Nouveau Marche. The company sold 4.5M shares and selling shareholders sold 1.85M shares. Prices have been converted at an exchange rate of FFr6.04/US$1.

(14) Pharming Group NV came public on Easdaq, the Pan-European exchange.

(15) Procyon BioPharma Inc. came public on the Alberta Stock Exchange. Prices have been converted at an exchange rate of C$1.55/US$1.

(16) Centaur Pharmaceuticals Inc. sold 1.5M shares in its IPO, to institutional and private investors outside the U.S., primarily in Switzerland. The company intends to list its shares only on the Swiss Stock Exchange.

(17) Antisoma plc came public on Easdaq, the Pan-European exchange. Prices have been converted at an exchange rate of £0.67/US$1.

Underwriters' Key:

AS (Aros Securities); BARS (BancAmerica Robertson Stephens); BJV (Bank J. Vontobel & Co. AG); BRS (BancBoston Robertson Stephens); BS (Bear, Stearns & Co. Inc.); BTAB (BT Alex. Brown Inc.); CB (Carnegie Bank A/S); CC (Cowen & Co.); CCC (Canaccord Capital Corp.); CIBCO (CIBC Oppenheimer Corp.); CSFBC (Credit Suisse First Boston Corp.); DC (Dirks & Co. Inc.); DKB (Dresdner Kleinwort Benson Ltd.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); DMG (Deutsche Morgan Grenfell Inc.); ES (Everen Securities Inc.); FS (Furman Selz LLC); GRU (Gruntal & Co. LLC); GS (Goldman, Sachs & Co.); HQ (Hambrecht & Quist LLC); HM (Handelsbanken Markets); IA (Invemed Associates Inc.); JPM (J.P. Morgan & Co.); LB (Lehman Brothers); LBG (Levesque Beaubien Geoffrion Inc.); ML (Merrill Lynch & Co.); MP (Mees Pierson NV); MR (Meexhaert-Roussell); MSDW (Morgan Stanley, Dean Witter & Co.); NB (Nesbitt Burns Inc.); NBMS (NationsBanc Montgomery Securities LLC); NI (Nomura International plc); PAR (Paribas Capital); PF (Pinatton Finance); PGE (Pacific Growth Equities Inc.); PJI (Piper Jaffray Inc.); PU (Puilaetco); RJA (Raymond James & Associates Inc.); SBCW (SBC Warburg Dillon Read Inc.); SCT (Security Capital Trading Inc.); SMcL (Scotia McLeod Inc.); SSB (Salomon Smith Barney Inc.); UBS (UBS Securities LLC); VBW (Volpe Brown Whelan & Co.); VSI (Vector Securities International Inc.); WB (William Blair & Co.); YS (Yorkton Securities Inc.)

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