Monday, November 16, 1998
Testing the IPO waters
By Eric Pierce
& Shaun Brown
MARKET HOPEFULS: Sensus Drug Development (Proposed:SDDC) is planning a 3 million share IPO at $13-$15 per share. A $14 price would value the company at $134.4 million. The underwriters - Merrill Lynch, NationsBanc Montgomery Securities and BancBoston Robertson Stephens - will offer 2.4 million shares in the U.S. and Canada, and 600,000 elsewhere. Sensus is conducting Phase III trials of Trovert, a growth hormone antagonist to treat acromegaly, a condition characterized by soft tissue swelling and abnormal growth of bone and cartilage. Sensus also is testing Trovert in a Phase II trial in diabetic retinopathy. Kenneth Dart's Ross Financial Corp. will own 24 percent of the company after the IPO, while partner Genentech (GNE) will own 5 percent . . . Bioglan Pharma announced its intention to raise £20 million (US$33.2 million) through a listing on the London Stock Exchange. The listing would value the drug delivery company at about £200 million.
Strapped for cash, PPL Therapeutics (LSE:PTH) announced Wednesday that it would net some £20.4 million (US$33.9 million) through a 6-for-5 issue of 27 million shares at 80p. PTH opened Wednesday at 120p but was marked down to 112.5p by market makers on no volume. The stock closed at an all-time low of 112.5p, valuing the company at £25.4 million (US$42.2 million) . . . Phytopharm (LSE:PYM) on Monday was to announce that it has raised £2.26 million (US$3.75 million) through a placing of 1.556 million new ordinary shares with institutional investors. PYM closed the week up 0.5p at 150p, valuing the company at £47 million (US$78 million).