Ebb & Flow
Genmab (CSE:GEN) on Friday announced the largest ever PIPE deal by a public European biotech, pulling in DKK735 million ($119.5 million) through the sale of 5 million shares at DKK147. The company wouldn't comment on the offering, as it is in the quiet period, but it's clear that the company's stock has benefited from news in the antibody space during the past few months.
GEN is up about 20% since Amgen (AMGN) and Abgenix (ABGX) announced positive Phase III data for panitumumab, an anti-EGFR antibody to treat colorectal cancer (see BioCentury, Nov. 7, 2005). GEN also is developing an EGFR-targeting antibody: HuMax-EGFr is in Phase I/II testing for head and neck cancer. The December news that AMGN is buying ABGX also bolstered the stock prices of antibody companies (see BioCentury, Dec. 19, 2005). ...