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Zealand leads trio of IPOs

November 24, 2010 1:10 AM UTC

Zealand Pharma A/S (CSE:ZEAL) was one of three biotechs to price IPOs so far this week, with the Danish company raising DKK372.9 million ($68.4 million) through the sale of 4.3 million shares at DKK86 on the Copenhagen Stock Exchange and a private placement. Two U.S. companies, Anacor Pharmaceuticals Inc. (NASDAQ:ANAC) and Zogenix Inc. (NASDAQ:ZGNX), debuted on NASDAQ (see below).

Zealand's price came in at the low end of the proposed range of DKK86-DKK90 and values the company at DKK1.9 billion ($347.3 million). Last week, Zealand said it hoped to raise up to DKK447.5 million ($81.8 million) after cutting the number of shares to up to 6 million from up to 7.8 million, and narrowing the range to DKK86-DKK90 from DKK86-DKK120. If sold at the midpoint of DKK88, the company would have been valued at DKK2.1 billion ($381 million) based on 23.7 million shares outstanding. Danske Markets and Jefferies were joint global coordinators, while Bryan, Garnier and SEB Enskilda were co-lead managers for the offering. ...