Three genomics IPOs go out
Orchid BioSciences (ORCH), Genomics Solutions (GNSL) and Paradigm Genetics (PDGM) priced their IPOs on Friday, each taking home less than they had originally expected.
ORCH raised $48 million through the sale of 6 million shares at $8. ORCH, which is developing technologies for SNP scoring and genetic diversity analysis, filed on Feb. 18 to raise up to $90 million, then amended the offering on April 7 to sell 8 million shares at $11-$13. On May 4, ORCH decreased the proposed range to $8-$9 and cut back the proposed shares to 6 million. Had the company sold 8 million shares at $13, it would have raised $104 million. The deal, which has a 900,000-share overallotment, was underwritten by CS First Boston; Robertson Stephens; and Salomon Smith Barney. ORCH was up $2.938 (37 percent) to $10.938 on Friday. ...