| I. COMMENCED TRADING IN MAY | |||||||||||||||
| 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 | |||||||||||||||
| CombiChem | 10/15; | 5/8 | 2.25S | $8.00 | $18.0 | $15.7 | 13.2 | 14.0 | BARS; DLJ; SSB | ||||||
| Inc. (CCHM)* | 4/7 | ||||||||||||||
| Karo Bio AB** | 3/4 | 4/3 | 2.43S | $11.80 | $28.71 | $26.7E | 9.2 | ND | AS; HM | ||||||
| RiboGene Inc. | 10/27; | 5/28 | 2.3S | $7.00 | $16.1 | $12.9 | 5.4 | 8.4 | GRU | ||||||
| (RBO)*** | 4/8 | ||||||||||||||
| TOTAL: $34.1M | |||||||||||||||
| NOTES: | |||||||||||||||
| * CombiChem Inc., which first filed its initial public offering (IPO) prospectus on 10/15/97, amended that filing on 4/7/98. It lowered the offering range to $8-$10 per share from $11-$13 per share, but not the number of shares. As well, Elan International Services Ltd., already a stockholder and a subsidiary of Elan Corp. plc (whose subsidiary Athena Neurosciences Inc. is a collaborator of CombiChem's), intends to acquire up to $2M worth of shares at the offering price. The amendment also listed Salomon Smith Barney Inc. as one of the underwriters, replacing UBS Securities LLC on the original prospectus. | |||||||||||||||
| ** Karo Bio AB completed its IPO on the Stockholm Stock Exchange in April. The proceeds have been attributed to that month's total and are not included in the total listed above. The company sold a total of 2.433M series B shares (including the overallotment) at SEK92 each (US$11.80 at an exchange rate of 7.797SEK/US$1). | |||||||||||||||
| *** RiboGene Inc. originally filed the prospectus for its IPO on 10/27/97, at which time it was planning to offer 2.3M shares at $10-$12 each. The company amended those terms on 4/8/98, to sell 2.7M shares at $7 each. As well, the amended prospectus listed only one underwriter, Gruntal & Co. LLC, whereas the original prospectus also included Everen Securities Inc. and Cruttenden Roth Inc. Concurrently with the IPO, RiboGene's former corporate collaborator Abbott Laboratories, bought 0.57M shares in a private placement at the IPO price per share (for a total of $4M), giving it a 12.72% stake. Those proceeds are not included in the total listed above. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| There were no follow-on public offerings in May. | |||||||||||||||
| II. FILED AND PENDING | |||||||||||||||
| Company | Date | Shares/ | Price | Shares | Lead, | Value@ | |||||||||
| (Symbol) | Filed | Units (M) | Range | Out (M) | Other UWs | ($M) | |||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Abgenix Inc. | 4/6 | 3.0S | $10-$12 | 11.1 | BARS; LB | $30 | |||||||||
| Anthra | 3/11; | 2.7S | $9.50- | 7.6 | AC; GRU | $25.7 | |||||||||
| Pharmaceuticals Inc.* | 5/21 | $11.50 | |||||||||||||
| Collateral | 4/24 | 3.33S | $11-$13 | 11.6 | BS; RJA; VSI | $36.6 | |||||||||
| Therapeutics Inc. | |||||||||||||||
| 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 | |||||||||
| Genzyme Molecular | 4/28 | 3.0S | $9-$11 | 13.2 | PW; CC; CSFBC | $27 | |||||||||
| Oncology Division# | |||||||||||||||
| PRA International Inc. | 10/22 | 2.75S | $10-$12 | 7.8 | SSB; NBMS; WAH | $27.5 | |||||||||
| Signal | 5/15 | 2.5S | $11-$13 | 9.4 | HQ; BARS; LB | $27.5 | |||||||||
| Pharmaceuticals 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. | |||||||||||||||
| ** GenVec Inc.'s corporate collaborator Warner-Lambert Co. has agreed to purchase $5M worth of shares in a private placement concurrent with the IPO, at 125% of the IPO share price. | |||||||||||||||
| # Genzyme Corp.'s new division, Genzyme Molecular Oncology (GMO), has finally activated its IPO prospectus, exactly 1 year after it first filed the prospectus. | |||||||||||||||
| ## 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 | |||||||||||||||
| Cholestech Corp. | 4/29 | 3.0S | — | 11.3 | PS; VSI; ES | $34.9 | |||||||||
| (CTEC) | |||||||||||||||
| Gliatech Inc. (GLIA) | 5/15 | 2.0S | — | 9.6 | CC; FS; VSI | $35.4 | |||||||||
| III. WITHDRAWN OR POSTPONED | |||||||||||||||
| Cell Pathways Inc.* | 10/9 | 2.5S | $11-$13 | 10.2 | SSB; BARS; CC | $27.5 | |||||||||
| NOTE: | |||||||||||||||
| * Cell Pathways withdrew its initial public offering (IPO) prospectus in mid-April, citing market conditions. Instead, the company raised $18M in a private placement on 5/14/98 (see separate listing for details). | |||||||||||||||
| 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 6/3/98 closing price for follow-on offerings. | |||||||||||||||
Underwriters' Key:
AC (Allen & Co. Inc.); AS (Aros Securities); BARS (BancAmerica Robertson Stephens); BS (Bear, Stearns & Co. Inc.); CC (Cowen & Co.); CIBCO (CIBC Oppenheimer Corp.); CSFBC (Credit Suisse First Boston Corp.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); ES (Everen Securities Inc.); FS (Furman Selz Inc.); GRU (Gruntal & Co. LLC); HQ (Hambrecht & Quist LLC); HM (Handelsbanken Markets); JPM (J.P. Morgan & Co.); LB (Lehman Brothers); NBMS (NationsBanc Montgomery Securities Inc.); PGE (Pacific Growth Equities Inc.); PS (Prudential Securities Inc.); PW (PaineWebber Inc.); RJA (Raymond James & Associates Inc.); SSB (Salomon Smith Barney Inc.); VSI (Vector Securities International Inc.); WAH (Wessels, Arnold & Henderson)