| I. COMMENCED TRADING IN JULY | |||||||||||||||
| Company | Date | Date | Shares/ | Price | Gross | Net | Shares | Fully | Lead | ||||||
| (Symbol) | Filed | Comm. | Units | Per Share/ | (M) | (M) | Out | Dil. | Underwriters | ||||||
| (M) | Unit | (M) | (M) | ||||||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Abgenix Inc. | 4/6 | 7/2 | 2.88S | $8.00 | $23.0 | $20.6 | 11.0 | 14.3 | BARS; LB | ||||||
| (ABGX)* | |||||||||||||||
| Collateral | 4/24 | 7/2 | 2.2S | $7.25 | $16.0 | $13.9 | 10.5 | 13.0 | BS; RJA; VSI | ||||||
| Therapeutics | |||||||||||||||
| Inc. (CLTX)** | |||||||||||||||
| Pharming | 6/18 | 7/2 | 4.1S | $15.00 | $61.5 | $57.2E | 11.7 | 11.7 | MP; BARS; PAR | ||||||
| Group NV | |||||||||||||||
| (EASDAQ:PHAR)*** | |||||||||||||||
| TOTAL: $100.5M | |||||||||||||||
| NOTES: | |||||||||||||||
| * Abgenix Inc.'s initial public offering (IPO) came in short and under range. The company had registered to sell 3M shares at $10-$12 each but ended up selling 2.5M shares at $8.00 each. However, the underwriters exercised the full overalloment option. Abgenix's parent company, Cell Genesys Inc., owns about 40 percent post-IPO. | |||||||||||||||
| ** Collateral Therapeutics Inc.'s IPO also came in short and under range. The company had registered to sell 3.33M shares at $11-$13 each, and subsequently lowered the price target to $8.00. The company ended up selling 2.2M shares at $7.25 each. | |||||||||||||||
| *** Pharming Group NV came public on the new European exchange, Easdaq. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| Coulter | 7/10 | 7/31 | 2.4S | $25.00 | $60.0 | $56.4 | 16.0 | 18.3 | BTAB; HQ; | ||||||
| Pharmaceutical | PGE; PJI | ||||||||||||||
| Inc. (CLTR)* | |||||||||||||||
| QLT Photo- | 7/13 | 7/24 | 1.0S | $15.33 | $15.3 | $14.7 | 27.2 | ND | NB; SMcL | ||||||
| Therapeutics Inc. | |||||||||||||||
| (QLTIF)** | |||||||||||||||
| TOTAL: $75.3M | |||||||||||||||
| NOTES: | |||||||||||||||
| * Coulter Pharmaceutical Inc.'s follow-on offering was oversubscribed. The company filed to sell 2M shares but instead sold 2.4M shares. | |||||||||||||||
| ** QLT PhotoTherapeutics Inc.'s follow-on offering was conducted in Canada. Prices converted at a rate of C$1.5/US$1. | |||||||||||||||
| II. FILED AND PENDING | |||||||||||||||
| Company | Date | Shares/ | Price | Shares | Lead, | Value@ | |||||||||
| (Symbol) | Filed | Units (M) | Range | Out (M) | Other UWs | ($M) | |||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Albany Molecular | 7/9 | 2.2S | $15-$17 | 9.5 | INGB; HQ | $33 | |||||||||
| Research Inc. | |||||||||||||||
| Anthra Pharma- | 3/11; | 2.7S | $9.50- | 7.6 | AC; GRU | $25.7 | |||||||||
| ceuticals Inc.* | 5/21 | $11.50 | |||||||||||||
| Centaur Pharma- | 6/18 | 4.0S | $13-$15 | 17.8 | BJV; VSI | $52 | |||||||||
| ceuticals Inc.** | |||||||||||||||
| Lifecodes Corp.# | 7/17 | 2.9S | $10-$12 | 6.6 | VBW; VSI; AI | $29 | |||||||||
| Signal Pharma- | 5/15 | 2.5S | $11-$13 | 9.4 | HQ; BARS; LB | $27.5 | |||||||||
| ceuticals Inc.## | |||||||||||||||
| NOTES: | |||||||||||||||
| * Anthra Pharmaceuticals Inc. amended its initial public offering (IPO) prospectus on 5/21/98; the company is now planning to sell 2.7M shares (up from the original 2.4M shares) at $9.50-$11.50 per share. | |||||||||||||||
| ** Centaur Pharmaceuticals Inc.'s IPO filing actually consists of 5.6M shares; of those, the company is offering 4M and selling stockholders are offering 1.6M. This is also an international offering, with 1.68M shares being offered in the U.S. and Canada and 3.92M shares being offered in Switzerland and elsewhere outside the U.S. and Canada. The company intends to list its shares on the Swiss Stock Exchange only. | |||||||||||||||
| # Lifecodes Corp. filed to sell 3.2M shares in its IPO; the company is offering 2.9M shares and selling shareholders are offering 0.3M shares. Concurrent with the completion of its IPO, Lifecodes will acquire privately held GeneScreen Inc. for $12.5M ($5M in cash and $7.5M in common stock). | |||||||||||||||
| ## Signal Pharmaceuticals Inc.'s corporate collaborator DuPont Merck Pharmaceutical Co. will purchase $2M worth of stock in a private placement concurrent with the IPO, at the IPO price per share. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| Shaman Pharma- | 7/14 | 0.15S- | — | 19.0 | DS | ND | |||||||||
| ceuticals Inc. (SHMN)* | 0.20S | ||||||||||||||
| NOTE: | |||||||||||||||
| * Shaman Pharmaceuticals Inc. filed to sell between 0.15M and 0.2M shares of Series C 10% convertible preferred stock. The preferred stock will pay dividends of $10 per year, payable semi-annually in common stock. In addition, holders of the preferred stock will get a cash payment based on royalties on U.S. sales of the company's AIDS diarrhea drug Provir (which is currently in Phase III clinical trials). | |||||||||||||||
| III. WITHDRAWN OR POSTPONED | |||||||||||||||
| Cholestech Corp. | 4/29 | 3.0S | — | 11.3 | PS; VSI; ES | $19.1 | |||||||||
| (CTEC)* | |||||||||||||||
| Dyax Corp.** | 3/23 | 2.5S | ND | 9.8 | SSB; CIBCO; PGE | ND | |||||||||
| GenVec Inc.*** | 4/30 | 2.5S | $11-$13 | 9.9 | BARS; JPM; DLJ | $27.5 | |||||||||
| NOTE: | |||||||||||||||
| * Cholestech Corp. (NASDAQ:CTEC) announced 7/29/98 that it had cancelled its proposed follow-on stock offering. | |||||||||||||||
| ** Dyax Corp. withdrew its IPO prospectus on 8/7/98, citing market conditions, including continuous pricing postponements and a cut in the price range. | |||||||||||||||
| *** GenVec Inc. withdrew its IPO prospectus on 8/4/98, citing market conditions. | |||||||||||||||
| OTHER NOTES: | |||||||||||||||
| E = estimated; ND = not disclosed, reported and/or available; S = shares; U = units; W = warrants | |||||||||||||||
| "Date filed" indicates the date on which the company announced that it had filed a preliminary prospectus with the Securities and Exchange Commission for its offering. It is not necessarily the same date as that which is printed on the preliminary prospectus itself. | |||||||||||||||
| In completed offerings, the number of shares sold includes the overallotment (in full or in part) if that option has been exercised by the time this publication goes to press. | |||||||||||||||
| Shares outstanding refers to the number of shares outstanding after the public offering. In the case of those offerings which are still pending, it assumes that the number of shares sold in the offering will be equal to the number intended for sale as per the prospectus. | |||||||||||||||
| @ Values are estimated from the low-end range for IPOs or from the 8/12/98 closing price for follow-on offerings. | |||||||||||||||
Underwriters' Key:
AC (Allen & Co. Inc.); AI (Advest Inc.); BARS (BancAmerica Robertson Stephens); BJV (Bank J. Vontobel & Co. AG); BS (Bear, Stearns & Co. Inc.); BTAB (BT Alex. Brown Inc.); CIBCO (CIBC Oppenheimer Corp.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); DS (Dakin Securities Corp.); ES (Everen Securities Inc.); GRU (Gruntal & Co. LLC); HQ (Hambrecht & Quist LLC); INGB (ING Baring Furman Selz LLC); JPM (J.P. Morgan & Co.); LB (Lehman Brothers); MP (Mees Pierson NV); NB (Nesbitt Burns Inc.); PAR (Paribas Capital); PGE (Pacific Growth Equities Inc.); PJI (Piper Jaffray Inc.); PS (Prudential Securities Inc.); RJA (Raymond James & Associates Inc.); SMcL (Scotia McLeod Inc.); SSB (Salomon Smith Barney Inc.); VBW (Volpe Brown Whelan & Co.); VSI (Vector Securities International Inc.)