| I. COMMENCED TRADING IN MARCH | |||||||||||||||
| 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 | |||||||||||||||
| CuraGen Corp. | 10/16 | 3/18 | 3.0S | $11.50 | $34.5 | $32.1 | 12.8 | 16.5 | MSDW; LB; BS | ||||||
| (CRGN)* | |||||||||||||||
| LJL Biosystems | 12/31 | 3/13 | 2.0S | $7.00 | $14.0 | $12.5 | 10.2 | 13.2 | NBMS; HQ; VBW | ||||||
| Inc. (LJLB)** | |||||||||||||||
| Oxford | 1/19 | 3/10 | 6.9S | $4.83 | $33.4 | $30.7 | 41.3 | ND | UBS | ||||||
| Asymmetry | |||||||||||||||
| International plc | |||||||||||||||
| (LSE:OAI)# | |||||||||||||||
| Transgene SA | 3/2 | 3/26 | 1.31S | $43.50/S | $57.2 | $53.2 | 5.4 | 5.6 | LB; CSFBC; BARS | ||||||
| (TRGNY)## | ($14.50/ADS) | ||||||||||||||
| TOTAL: $139.1M | |||||||||||||||
| NOTES: | |||||||||||||||
| * 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's stock (at the public offering price) in private placements concurrent with CuraGen's initial public offering (IPO). That amount, $11M total, has not been added to the total cited in the chart above. | |||||||||||||||
| ** LJL Biosystems Inc. reduced both the pricing range and the number of shares offered in order to complete its IPO. The company had originally registered 2.5M shares for sale, between $11 and $13 per share. | |||||||||||||||
| # A total of 11.5M shares were sold in Oxford Asymmetry International plc's offering, through which it came public on the London Stock Exchange (LSE). The company sold 6.9M shares to institutional investors and existing shareholders sold 4.6M shares. Prices have been converted at a rate of £0.6/US$1. | |||||||||||||||
| ## 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 1.314M shares, as either common shares (in France) or as American Depository Shares (ADSs, with each ADS equal to one-third of an ordinary share). The ADSs were priced at US$14.50, or $43.50 per 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. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| GelTex Pharma- | 1/29 | 3/19 | 3.0S | $27.00 | $81.0 | $62.3E | 16.1 | 17.6 | CC; CIBCO; HQ | ||||||
| ceuticals Inc. | |||||||||||||||
| (GELX)* | |||||||||||||||
| TOTAL: $81.0M | |||||||||||||||
| NOTES: | |||||||||||||||
| * GelTex Pharmaceuticals Inc.'s follow-on stock offering was oversubscribed. The company sold 3M shares, rather than the 2.5M it had originally registered. | |||||||||||||||
| II. FILED AND PENDING | |||||||||||||||
| Company | Date | Shares/ | Price | Shares | Lead, | Value@ | |||||||||
| (Symbol) | Filed | Units (M) | Range | Out (M) | Other UWs | ($M) | |||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Anthra Pharma- | 3/11 | 2.4S | $9.50- | 7.3 | AC; GRU | $22.8 | |||||||||
| ceuticals Inc. | $11.50 | ||||||||||||||
| Cell Pathways Inc. | 10/9 | 2.5S | $11-$13 | 10.2 | SSB; BARS; CC | $27.5 | |||||||||
| CombiChem Inc. | 10/15 | 2.25S | $11-$13 | 13.2 | BARS; DLJ; UBS | $24.8 | |||||||||
| Dyax Corp. | 3/23 | 2.5S | ND | 9.8 | SSB; CIBCO; PGE | ND | |||||||||
| Genzyme Molecular | 4/28 | ND | ND | ND | PW; CSFBC; CC | $35 | |||||||||
| Oncology Division* | |||||||||||||||
| Nanogen Inc.** | 12/19; 3/20 | 3.6S | $10-$12 | 17.9 | MSDW; LB; SBCW | $36 | |||||||||
| PRA International Inc. | 10/22 | 2.75S | $10-$12 | 7.8 | SSB; NBMS; WAH | $27.5 | |||||||||
| RiboGene Inc.*** | 10/27 | 2.3S | $10-$12 | 6.8 | ES; GRU; CRI | $23 | |||||||||
| NOTES: | |||||||||||||||
| * Genzyme Corp. (NASDAQ:GENZ) is creating a new division, Genzyme Molecular Oncology (GMO). The stock being offered in the IPO, which Genzyme Corp. is still contemplating, is common stock of Genzyme and is intended to track the performance of the new division. | |||||||||||||||
| ** The exact terms of Nanogen Inc.'s IPO were finally disclosed in its updated preliminary prospectus, dated 3/20/98. Concurrently with the IPO, Nanogen is undertaking a private placement of its stock (at the public offering price) with corporate collaborators Becton, Dickinson & Co., Hoechst AG and Elan Corp. plc for a total of $21M. | |||||||||||||||
| *** RiboGene Inc.'s corporate collaborator Abbott Laboratories intends to buy $4M of stock in the IPO, at the IPO price. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| Triangle Pharma- | 3/10 | 3.0S | — | 23.0 | SBCW; BS; VSI | $50.6 | |||||||||
| ceuticals Inc. (VIRS) | |||||||||||||||
| III. WITHDRAWN OR POSTPONED | |||||||||||||||
| Idec Pharma- | 2/24 | 2.0S | — | 21.6 | MSDW; NBMS | $89.3 | |||||||||
| ceuticals Corp. (IDPH)* | |||||||||||||||
| NOTE: | |||||||||||||||
| * Idec Pharmaceuticals Corp. announced 3/4 that it had withdrawn its follow-on stock offering, citing market conditions. | |||||||||||||||
| OTHER NOTES: | |||||||||||||||
| E = estimated; ND = not disclosed, reported and/or available; ADS = American Depositary Share; LSE = London Stock Exchange; 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 4/1/98 closing price for follow-on offerings. | |||||||||||||||
Underwriters' Key:
AC (Allen & Co. Inc.); BARS (BancAmerica Robertson Stephens); BS (Bear, Stearns & Co. Inc.); CC (Cowen & Co.); CIBCO (CIBC Oppenheimer Corp.); CRI (Cruttenden Roth Inc.); CSFBC (Credit Suisse First Boston Corp.); DLJ (Donaldson, Lufkin & Jenrette Securities Corp.); ES (Everen Securities Inc.); GRU (Gruntal & Co. LLC); HQ (Hambrecht & Quist LLC); LB (Lehman Brothers); MSDW (Morgan Stanley, Dean Witter & Co.); NBMS (NationsBanc Montgomery Securities Inc.); PGE (Pacific Growth Equities Inc.); PW (PaineWebber Inc.); SSB (Salomon Smith Barney Inc.); SBCW (SBC Warburg Dillon Read Inc.); UBS (UBS Securities LLC); VBW (Volpe Brown Whelan & Co.); WAH (Wessels, Arnold & Henderson)