Monday, March 1, 1999
While it had begun to look as if not a single IPO or follow-on would get done this quarter, the spell was finally broken on Friday as Invitrogen (IVGN) raised $45 million in its IPO, following a $13 million follow-on by Aronex (ARNX) earlier in the week.
The last IPO was a £10 million ($17 million) EASDAQ flotation on Dec. 17 by Antisoma (EASD:ASOM), coincidentially on the same day as the last follow-on in which Anesta (NSTA) raised $59.5 million.
IVGN, which sells research tool kits for genetics and molecular biology, priced its 3 million shares at $15, the price at which the company originally filed in December. Friday's close of $15.375 values the company at $194 million.
ARNX sold 6 million shares at $2.1875, and closed Friday at $2.719, up $0.344 on the week. The FDA is reviewing the company's NDA for Atragen, an injectable formulation of all-trans retinoic acid to treat patients with acute promyelocytic leukemia (APL).
There's IPO activity in Canada as well. AnorMed, a developer of metal-based drugs for cancer, AIDS and inflammatory diseases, plans to close its C$30.5 million (US$20.5 million) IPO this Friday. A C$6.10 (US$4.10) deal price would value the company at C$125 million (US$84.1 million). Following the close, the shares will trade on the Toronto Stock Exchange under the symbol AOM.
AnorMed has five compounds in clinical development, including two in Phase III trials: Lambda lanthanum to treat excess phosphate levels in kidney disease, which is licensed to Shire (LSE:SHP; SHPGY), and DMP-444 imaging agent for blood clots, which is licensed to DuPont Pharmaceuticals.
After hitting an intraday high of $79.688 on Friday, Biomatrix (BXM) closed the week at $69.56, up $22.06 (46 percent) after posting solid fourth quarter earnings and receiving FDA approval of a new manufacturing facility for Synvisc, its viscosupplementation product to treat osteoarthritis of the knee.
BXM said the new facility will eliminate capacity constraints for Synvisc, which is approved in 36 countries, including the U.S., by enabling the company to produce 4 million syringes of Synvisc annually, up from 1 million. The production constraint had limited product deliveries to partner Wyeth-Ayerst.