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.
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