Ebb & Flow

With the BioCentury 100 up 35% in a five-week run going into last week and Isis (ISIP) successfully raising $115 million in a follow-on, Icos (ICOS) and Ilex (ILXO) decided to charge into the follow-on market.

While $377.6 million in aggregate doesn't seem like a windfall - ICOS would raise $251.1 million and ILXO $126.5 million if each deal went off at their Friday closes - only $1.6 billion had been raised in U.S. follow-on offerings by 15 companies this year prior to the ISIP breakthrough...