Restarting the engine

After a three-week dry spell, at least three biotech IPOs are slated to price in the next two weeks. On the docket are preclinical RNAi play Alnylam - slated for Wednesday night pricing - plus Acadia and Critical Therapeutics - both slated to price early next week.

Alnylam is shooting to raise $55 million at a post-money valuation of $212 million. The company hopes to sell 5 million shares at $10-$12 through Banc of America Securities; Citigroup; Piper Jaffray; and ThinkEquity. Alnylam aims to enter the clinic next year with a VEGF inhibitor to treat wet age-related macular degeneration (AMD).

Critical, which develops drugs for critical care settings, is planning to raise $72 million at a post-money valuation of $287 million. The company hopes to sell 6 million shares at $11-$13 through SG Cowen; CIBC World Markets; Piper Jaffray; and Leerink Swann. Critical is looking to begin marketing next year of Zyflo, an immediate-release formulation of the asthma therapy zileuton, in-licensed from Abbott (ABT).

CNS company Acadia is hoping to raise $65 million at a post-money valuation of $218 million. The company plans to sell 5 million shares at $12-$14 through Banc of America; Piper Jaffray; Wachovia; and JMP Securities. Its ACP-103 small molecule is in Phase II testing for Parkinson's disease (PD).

The last U.S. IPO to price was Cytokinetics, which raised $103.2 million on April 29. The Phase II cancer company develops drugs based on the cytoskeleton.

IPO watch

Also on the IPO front, CoTherix amended its filing and now hopes to sell 5 million shares at $12-$14 through CIBC; Piper Jaffray; Needham; and Thomas Weisel. A $13 price would raise $65 million and value the company at $250.8 million. CoTherix originally proposed in March to raise up to $70 million.

This year, the company plans to submit an NDA for Ventavis to treat pulmonary arterial hypertension (PAH). CoTherix has exclusive U.S. rights to

Read the full 3120 word article

How to gain access

Continue reading with a
two-week free trial.