Entering a research deal with Structural GenomiX Inc. that's intended to speed up the testing of drug leads, OSI Pharmaceuticals Inc. separately agreed to issue $135 million in convertible notes in a private placement. (BioWorld Today)

Just when "IPO" had begun to sound like a code acronym or something from a foreign language, biotechnology's long drought with regard to initial public offerings seems to have ended with an August downpour.