How To Reach C&ENACS Membership Number


 

March 8, 2004
Volume 82, Number 10
CENEAR 82 10 p. 11
ISSN 0009-2347


FINANCE

BIOTECH UPTICK MOVES INTO MARCH
Three more firms line up for initial public offerings

RICK MULLIN

February went out like a lion in biotechnology as filings for initial public offerings (IPOs) by three companies capped a flurry of activity in the sector. Acadia Pharmaceuticals, Alnylam Pharmaceuticals, and Ark Therapeutics announced filings in the wake of strong openings on Wall Street last month for GTx, Renovis, Corgentech, and DynaVax Technologies.

8210notw9_petri
PHOTODISC

GOLDEN OPPORTUNITY Emerging drug companies seek an infusion of investment dollars.

Acadia, a chemical-genomics specialist, filed with the Securities & Exchange Commission for an IPO valued at approximately $86.3 million. Alnylam, which is working to develop drugs based on RNA interference, filed with SEC for an IPO also valued at $86.3 million.

Ark's filing, to be listing on the London stock market, is the first significant biotech IPO in the U.K. in three years. Industry sources say Ark, which has a therapy for wound healing approved in the U.K. and three drug candidates in late-stage trials, may lead the kind of resurgence in the U.K. that is already under way in the U.S. Ark's IPO is valued at about $67 million.

Industry watchers noted a rebound in biotech investment last summer, and many predicted that a window for IPOs would open in the sector this year. Positive news on clinical trial results for potential biotech blockbusters, such as Genentech's colorectal cancer drug Avastin (bevacizumab), helped fuel renewed enthusiasm last year. FDA approved Avastin and ImClone's colorectal therapy, Erbitux (cetuximab), last month.

February's IPOs indicate that the stock market has an appetite for biotech, according to G. Steven Burrill, CEO of life sciences merchant bank Burrill & Co. GTx, Renovis, Corgentech, and DynaVax Technologies hit the market netting $78 million, $66 million, $96 million, and $45 million, respectively. Renovis, Corgentech, and DynaVax were all up 20% or more in their first day of trading and have since held their ground, according to Burrill.



Top


Chemical & Engineering News
Copyright © 2004 American Chemical Society



 
Related Stories
BIOTECH RIDES A BULL INTO 2004
[C&EN, Jan. 12, 2004]

BIOTECH THAWS OUT
[C&EN, Sept. 29, 2004]

Related Sites
Acadia Pharmaceuticals

Alnylam Pharmaceuticals

Ark Therapeutics

E-mail this article to a friend
Print this article
E-mail the editor
   

Home | Table of Contents | Today's Headlines | Business | Government & Policy | Science & Technology | C&EN Classifieds
About C&EN | How To Reach Us | How to Advertise | Editorial Calendar | Email Webmaster

Chemical & Engineering News
Copyright © 2004 American Chemical Society. All rights reserved.
• (202) 872-4600 • (800) 227-5558

CASChemPortChemCenterPubs Page