Monday, March 6, 2000
U.K investors flocked to the double-dip genomics-antibody play
offered up by Cambridge Antibody Technology (LSE:CAT), which leapt 2050p
(112 percent) to 3875p on the coattails of its 10-year deal with Human Genome
Sciences (HGSI) to develop human antibodies using CAT's phage display technology
and HGSI's antigens. CAT, which also said it plans to raise money in the near
future, saw its market cap pushed up £564 million to £1.1 billion ($1.7 billion)
(see BioCentury Extra, March 1 and March 2).
The convergence story wasn't lost on the PR meisters for HGSI,
who proclaimed that "Human Genome Sciences Catapults to Leadership in Genomics-Based
Human Antibody Product Development." The stock added $7 to $225.25 on Wednesday's
news. The shares pulled back to $216 by Friday, still up $10 on the week. HGSI
also announced a gene partnership with Compugen and plans to call for redemption
of its $200 million in convertible notes for a total of 2.8 million common shares
plus an additional $150 payment per $1,000 note (see B3 & B18).
Swiss-based Actelion filed to sell up to 1 million shares
in an IPO on the SWX New Market (no price range provided) on the heels of its
cardiovascular deal with Genentech (DNA) (see BioCentury, Feb. 22).
AtheroGenics filed to sell up to $100 million in its IPO. The
company's lead product, AGI-1067, is in a Phase II trial to prevent and treat
restenosis. Alliance Technology Ventures, William Blair Capital Partners, Sprout
Capital and Domain Associates now own 54 percent of the company.
Inspire filed to raise up to $80 million. The company
develops P2Y2 receptor regulators to treat mucosal hydration and mucociliary
clearance disorders. Five percent or greater shareholders before the IPO include
Polaris Venture Partners, Alta V, Domain Partners and InterWest Partners.