The eagle flies on Friday

Friday proved fruitful for the biotech market, allowing three companies to raise an aggregate $72 million in public money. Closers include Ligand (LGND), which raised $33 million through the sale of 2.75 million shares at $12. Sugen (SUGN) banked $24 million, pricing 2 million shares at $12; while Cubist (CBST) raised $15 million in a deeply discounted IPO (see below).

NEW TO MARKET: CBST sold 2.5 million shares at $6, half of what the infectious disease company had hoped to receive. In June, the company filed to sell 2.5 million shares between $11-$13. Then it refiled last month for 2 million shares at $10-$12. The stock closed at $6.437 on Friday, giving it a $57 million market cap. ...