BioCentury's websites will be down for upgrades starting at 9 p.m. PDT on Monday, August 26. We expect the downtime to last no more than 6 hours, and we apologize for any inconvenience.

12:00 AM
 | 
Jun 06, 2011
 |  BioCentury  |  Finance

Taking the bulge out

Jefferies lead underwriter in resurgence of big biotech follow-ons in 2011

Big biotech follow-ons are back, but this time bulge bracket banks aren't leading the way. So far this year there have been nine follow-ons over $100 million. That exceeds the seven for all of 2010.

This year is also on track to surpass the 2009 figure of 15 follow-ons over $100 million, when the likes of Vertex Pharmaceuticals Inc., Human Genome Sciences Inc. and Dendreon Corp. were lining up the cash to begin commercial operations.

But in the latest wave of large biotech offerings, the bulge bracket banks haven't snagged the lion's share of lead underwriter gigs.

In six of the 10 largest biotech follow-ons this year, Jefferies and Co. has been on the left among the underwriters. Two offerings by Goldman Sachs and two by Citigroup accounted for the other four. Goldman Sachs and Citigroup are bulge bracket banks.

That's in contrast to the clean sweep by the bulge bracket names in 2009, when they were the lead...

Read the full 790 word article

User Sign in

Trial Subscription

Get a 4-week free trial subscription to BioCentury

Article Purchase

$150 USD
More Info >