ARTICLE | Financial News

Keryx, Nektar, XenoPort planning follow-ons

January 22, 2014 2:14 AM UTC

Keryx Biopharmaceuticals Inc. (NASDAQ:KERX), Nektar Therapeutics (NASDAQ:NKTR) and XenoPort Inc. (NASDAQ:XNPT) all proposed follow-ons on Tuesday. Keryx proposed to raise $90 million in a follow-on underwritten by JPMorgan. Last week, Japan approved Keryx's ferric citrate as Riona to treat hyperphosphatemia in dialysis dependent and non-dialysis dependent patients with chronic kidney disease (CKD). Ferric citrate is also under FDA review as Zerenex for CKD in dialysis patients, with a June 7 PDUFA date. Keryx has worldwide rights to the product, including Japan but excluding the rest of the Asia-Pacific region, from Panion & BF Biotech Inc. (Taipei, Taiwan). Keryx, which proposed the follow-on after market close, was up $0.16 to $15.38 on Tuesday.

Nektar proposed to sell 8.5 million shares in a follow-on underwritten by JPMorgan and Jefferies. If sold at Nektar's close of $13.51 on Tuesday, before the company proposed the offering, Nektar would raise $114.8 million. An NDA for naloxegol from partner AstraZeneca plc (LSE:AZN; NYSE:AZN) is under review to treat opioid-induced constipation (OIC) in the EU, Canada and U.S., where it has a Sept. 16 PDUFA date. The product is a PEGylated form of naloxol, a peripheral mu opioid receptor ( OPRM1; MOR) antagonist. Nektar, which also proposed the offering after market close, was up $0.45 to $13.51 on Tuesday. ...