| I. COMMENCED TRADING IN JANUARY | |||||||||||||||
| 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 | |||||||||||||||
| There were no initial public offerings in January. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| CV | 1/5 | 1/22 | 2.3S | $8.25 | $19.0 | $17.5 | 10.8 | 13.6 | JPM, UBS, IA | ||||||
| Therapeutics | |||||||||||||||
| Inc. (CVTX)* | |||||||||||||||
| Pharmacyclics | 12/31 | 1/30 | 2.013S | $21.75 | $43.8 | $40.9 | 12.2 | 13.6 | HQ, CC, PGE | ||||||
| Inc. (PCYC) | |||||||||||||||
| TOTAL: $62.8M | |||||||||||||||
| NOTE: | |||||||||||||||
| * CV Therapeutics Inc.'s follow-on public offering was increased to 2.3M shares from the original 1.7M shares to meet investor demand. | |||||||||||||||
| II. FILED AND PENDING | |||||||||||||||
| Company | Date | Shares/ | Price | Shares | Lead, | Value@ | |||||||||
| (Symbol) | Filed | Units (M) | Range | Out (M) | Other UWs | ($M) | |||||||||
| INITIAL OFFERINGS | |||||||||||||||
| Cell Pathways Inc. | 10/9 | 2.5S | $11-$13 | 10.2 | SOL; BARS; CC | $27.5 | |||||||||
| CombiChem Inc. | 10/15 | 2.25S | $11-$13 | 13.2 | BARS; DLJ; UBS | $24.8 | |||||||||
| CuraGen Corp.* | 10/16 | ND | ND | ND | MSDW; LB; BS | ND | |||||||||
| Genzyme Molecular | 4/28 | ND | ND | ND | PW; CSFBC; CC | $35 | |||||||||
| Oncology Division** | |||||||||||||||
| LJL Biosystems Inc. | 12/31 | 2.5S | $11-$13 | 10.6 | NBMS; HQ; VBW | $27.5 | |||||||||
| Nanogen Inc.*** | 12/19 | ND | ND | ND | MSDW; LB; SBCW | $40 | |||||||||
| Ophidian Pharma- | 8/8 | 2.5S; | $6 | 9.8 | NS | $15 | |||||||||
| ceuticals Inc.+ | 2.5W | ||||||||||||||
| PRA International Inc. | 10/22 | 2.75S | $10-$12 | 7.8 | SBA; NBMS; WAH | $27.5 | |||||||||
| RiboGene Inc.++ | 10/27 | 2.3S | $10-$12 | 6.8 | ES; GRU; CRI | $23 | |||||||||
| Scriptgen Pharma- | 11/20 | 3.0S | $11-$13 | 11.7 | SBCW; VBW | $33 | |||||||||
| ceuticals Inc.+++ | |||||||||||||||
| Vysis Inc. | 10/20 | 3.5S | $13-$15 | 9.5 | FS; DMG; ES | $45.5 | |||||||||
| NOTES: | |||||||||||||||
| * The exact terms of CuraGen Corp.'s IPO have not been disclosed; however, corporate collaborators and existing shareholders Biogen Inc. and Genentech Inc. will buy an aggregate $10M of CuraGen's stock (at the public offering price) in private placements concurrent with the IPO. | |||||||||||||||
| ** 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 Genzyme common stock and is intended to track the performance of the new division. | |||||||||||||||
| *** The exact terms of Nanogen Inc.'s IPO have not been disclosed, with the exception of the fact that the company expects to raise $40M in the process. Concurrently with the IPO, Nanogen is undertaking a private placement of its stock (at the public offering price) with Becton Dickinson & Co., Hoechst AG and Elan Corp. plc for $21M in total. | |||||||||||||||
| + Ophidian Pharmaceuticals Inc. is offering 2.5M shares and an equal number of warrants in its IPO. The securities must be purchased together (1 share plus 1 warrant) but will trade separately immediately upon issuance. Each 5-year warrant can be used to buy 1 share at 120% of the IPO price. | |||||||||||||||
| ++ RiboGene Inc.'s corporate collaborator, Abbott Laboratories, intends to buy $4M of stock in the IPO, at the IPO price. | |||||||||||||||
| +++ Concurrently with Scriptgen Pharmaceuticals Inc.'s IPO, its corporate collaborator, Hoechst Marion Roussel Inc., will buy $3M of common shares (at the public offering price) in a private placement. | |||||||||||||||
| FOLLOW-ON OFFERINGS | |||||||||||||||
| Company | Date | Shares/ | Price | Shares | Lead, | Value@ | |||||||||
| (Symbol) | Filed | Units (M) | Range | Out (M) | Other UWs | ($M) | |||||||||
| GelTex Pharma- | 1/29 | 2.5S | -- | 16.1 | CC, CIBCO, HQ | $66.3 | |||||||||
| ceuticals Inc. (GELX) | |||||||||||||||
| Sibia Neurosciences | 11/4 | 2.25S | -- | 11.5 | UBS; PJI; VSI | $13.5 | |||||||||
| Inc. (SIBI)* | |||||||||||||||
| NOTE: | |||||||||||||||
| * Of the 2.5M shares registered in Sibia Neurosciences Inc.'s follow-on public offering, 2.25M are being offered by the company and 0.25M are being offered by The Salk Institute for Biological Studies. | |||||||||||||||
| 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 2/4/98 closing price for follow-on offerings. | |||||||||||||||
Underwriters' Key:
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.); DMG (Deutsche Morgan Grenfell Inc.); ES (Everen Securities Inc.); FS (Furman Selz LLC); GRU (Gruntal & Co. LLC); HQ (Hambrecht & Quist LLC); IA (Invemed Associates Inc.); JPM (J.P. Morgan & Co.); LB (Lehman Brothers); MSDW (Morgan Stanley, Dean Witter Discover & Co.); NBMS (NationsBanc Montgomery Securities Inc.); NS (National Securities Corp.); PGE (Pacific Growth Equities Inc.); PJI (Piper Jaffray Inc.); PW (PaineWebber Inc.); SBA (Smith Barney Inc.); SBCW (SBC Warburg Dillon Read Inc.); SOL (Salomon Brothers Inc.); UBS (UBS Securities LLC); VBW (Volpe Brown Whelan & Co.); VSI (Vector Securities International Inc.); WAH (Wessels, Arnold & Henderson)