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12:00 AM
Dec 17, 2012
 |  BioCentury  |  Finance

Seeing double in follow-ons

Infinity, Sarepta bring 4Q12 biotech follow-ons to $1.7 billion; doubling 4Q11

Four public biotechs raised over $300 million in equity last week, including big deals by Infinity Pharmaceuticals Inc. and Sarepta Therapeutics Inc. As a result, biotech companies have already pulled in over $1.7 billion in follow-ons this quarter, more than twice what was raised in 4Q11.

The biggest week of the quarter came in late October, when companies raised $773.1 million in follow-ons. But this included $511.6 million that went to Shanghai Fosun Pharmaceutical Group Co. Ltd., which has manufacturing, healthcare services and distribution businesses, as well as R&D.

As more evidence of investor appetite, last week's $150 million follow-on for Infinity was the second in five months by the Phase II company and, rather than trading down to account for dilution, the shares ended the week up $7.27 (32%) to $29.79.

The stock did jump $4.83 (21%) $27.35 on Dec. 10 after...

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