Drought relief

Coulter's (CLTR) $60 million follow-on, announced on Friday, makes it the first U.S. company to complete a decently sized follow-on since Triangle's $60.4 million offering in April. CLTR sold 2.4 million shares, 400,000 more than it had filed for three weeks ago, at $25 per share. But the company took a $3.875 haircut while on the road show, which took it through the U.S. and Europe. It's not yet known how much of the book was sold outside the U.S.

CLTR is gathering data from a Phase III trial of Bexxar , a monoclonal antibody conjugated to radiolabeled iodine, to treat non-Hodgkin's lymphoma. Idec (IDPH) withdrew a follow-on in March, citing market conditions, even though its Rituxan MAb for non-Hodgkin's lymphoma was already on the market in the U.S. IDPH had fallen 10 percent - to $39.25 from $43.50 - before it pulled the deal. IDPH closed Friday at $23.687...