Peninsula files for IPO

Peninsula Pharmaceuticals filed to raise up to $86.3 million in an IPO underwritten by CS First Boston; U.S. Bancorp Piper Jaffray; Citigroup; and First Albany. The company in-licenses compounds to treat infectious diseases. Its lead compound is doripenem, a broad spectrum carbapenem antibiotic that has completed Phase II testing to treat urinary tract infection (UTI). Peninsula (Alameda, Calif.) expects to start a Phase III trial in the first half of 2004. The company received exclusive development and marketing rights to the compound from Shionogi (Osaka, Japan). ...