BioCentury
ARTICLE | Finance

Across the Rhein

April 26, 1999 7:00 AM UTC

Bolstering a widely held view that Germany's Neuer Markt is perhaps the only hospitable Euro market for biotechs, Rhein Biotech (NMarkt:RBO) raised '24 million ($25.7 million) in its IPO on the Frankfurt exchange for growth stocks (see B16). The contract biogenerics technology developer opened at '30, the top of its range, and and gained '2.4 in its first day of trading Wednesday before closing the week at '29.8. It has a market cap of '89.4 million ($95.7 million).

Innogenetics (EASD:INNX), which holds 20 percent of RBO, closed the week off '1.45 at '29. The company, which has a market cap of '721.2 million ($771.8 million), also revamped a distribution deal with Abbott for INNX's HLA LiPA products. ...