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I. COMMENCED TRADING IN DECEMBER
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
Angiotech ND 12/18 2.2S $6.99 $15.4 $14.2E ND ND FMS; MW; GSP
Pharmaceuticals
Inc. (TSE:ANP)*
Spiros 10/10 12/17 6.33U $16.00 $101.2 $94.0 6.3 6.3 ML; DLJ
Development
Corp. II Inc.
(SDCOZ)**
TOTAL: $116.6M
NOTES:
* Angiotech Pharmaceuticals Inc.'s initial public offering (IPO) was sold in Canada. Prices are converted at a ratio of C$1.43/US$1. ** Spiros Development Corp. II Inc. was spun off by Dura Pharmaceuticals Inc. (NASDAQ:DURA) in 9/97. The IPO consisted of 5.5M units (plus the full overallotment option). Each unit consists of 1 share of callable common stock of the new company and 1 warrant to buy 0.25 share of Dura common stock. The securities will trade only as units (NASDAQ:SDCOZ) until 12/31/99 or until Dura exercises its option to buy all the outstanding shares of the spin-off.
FOLLOW-ON OFFERINGS
Vanguard 11/12 12/8 2.25U $20.25 $45.6 $43.3 31.5 ND DKB; CAZ
Medica Group
plc (LSE:VGD)*
TOTAL: $45.6M
NOTE: * Vanguard Medica Group plc's follow-on offering was sold in the U.K. Each unit consists of 3 common shares and 2 1-year warrants to buy 1 share common stock per warrant at $8.33 each. Prices are converted at ratio of £0.6/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
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 8/8 2.5S; $6 9.8 NS $15
Pharmaceuticals 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 11/20 ND ND ND SBCW; VBW $44.9
Pharmaceuticals 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. ** 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 initial public offering (IPO) have not been disclosed, with the exception of the fact that the company hopes to raise $40M in the process. Concurrently with the IPO, Nanogen is undertaking a private placement of its stock with Becton Dickinson and Co., Hoechst AG and Elan Corp. plc for $21M 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. @ The exact terms of Scriptgen Pharmaceuticals Inc.'s IPO have not been disclosed, but the company does plan to raise $44.9M in the IPO. Concurrently with the offering, corporate collaborator Hoechst Marion Roussel Inc. will buy $3M of common shares in a private placement.
FOLLOW-ON OFFERINGS
Pharmacyclics Inc. 12/31 1.75S — 11.9 HQ; CC; PGE $42
(PCYC)
Sibia Neurosciences 11/4 2.25S — 11.5 UBS; PJI; VSI $18
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.
III. WITHDRAWN OR POSTPONED
Apollon Inc.* 10/14 2.5S $11-$13 8.1 SBA; GMG; CRI $27.5
Centocor Diagnostics 10/16 ND ND ND MSDW; CSFBC $40
Inc. (subsidiary of
Centocor Inc.)**
Osiris Therapeutics 7/17; 2.5S $11-$13 11.3 SBCW; HQ $27.5
Inc.*** 10/24
RTP Pharma Inc.@ 11/5 ND ND ND RBC; FMS; MW; US$22
LBG
SciClone Pharma- 10/27 1.5 — 18.5 ES $5.3
ceuticals Inc. (SCLN)#
NOTES:
* Apollon Inc. withdrew the registration statement for its initial public offering (IPO) 12/30/97, citing unfavorable market conditions.
** Centocor Inc. announced 12/17/97 that it had postponed the IPO of its subsidiary, Centocor Diagnostics Inc., due to unfavorable market conditions.
*** Osiris Therapeutics Inc. announced 12/8/97 that it was withdrawing the registration statement for its IPO, citing unfavorable market conditions.
@ RTP Pharma Inc. announced 12/18/97 that it was postponing its IPO in Canada, citing unfavorable market conditions.
# SciClone Pharmaceuticals Inc. announced 12/4/97 that it had withdrawn its proposed offering of stock (to institutional investors), citing unfavorable market conditions.
OTHER NOTES:
E = estimated; ND = not disclosed, reported and/or available; S = shares; TSE = Toronto Stock Exchange; 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 1/7/98 closing price for follow-on offerings.