European biotech hotting up

Signs that Europe will follow the U.S. fundraising bonanza are emerging. Cambridge Antibody Technology (LSE:CAT) proposed an open offer and international offering to raise 100 million ($158 million). The international offering allows CAT to market a proportion of the new shares to international investors, particularly in the U.S. An additional 300,000 new shares will be issued if the overallotment option is exercised in full.

Concurrently Transgene (NM:Transgene; TRGNY) said it will offer 1.5 million shares to raise about EUR150 million ($144 million), based on Monday's closing price of EUR97.50. Transgene, which is focused on gene therapy, said it will issue its new shares to both NASDAQ and Nouveau Marche. European follow-on offerings have not been of this magnitude since British Biotech (LSE:BBG; BBIOY) raised $220 million in its 1996 rights offering. ...