Ebb & Flow

Immuno-Designed Molecules has opted to keep its proposed IPO local by seeking a listing on the Nouveau Marche section of the Euronext Paris exchange. Although IDM potentially could enjoy more liquidity on a different exchange - be it NASDAQ or the London or Swiss exchanges that have a larger number of life science companies - the cancer vaccine developer believes that sticking close to home is a better bet for the time being (see "France vs. Actelion").

Liquidity aside, European investors are always keen to have more local heroes. In IDM’s case, it probably won’t hurt that the company will be the biggest biotech by market cap on the Paris exchange. Scuttlebutt among City bankers is that IDM has a pre-money valuation of about E220 million ($268 million) and could end up with a post-money valuation of more than E300 million ($366 million). This would put IDM above Cerep (NM:Cerep), which now sits atop a short list that includes Nicox (NM:Nicox) and Transgene (NM:Transgene) with a market cap of E116 million ($142 million). ...