Biotech New Deal Calendar

WEEK OF OCT. 3

COTHERIX INC. (Symbol: CTRX): follow-on offering of 4.5 million shares; greenshoe of 675,000; off the shelf; 500,000 of the shares will be sold in secondary offering by selling stockholders; South San Francisco-based company is focused on treatments for cardiopulmonary and other chronic diseases; joint bookrunners are CIBC World Markets Corp. and UBS Investment Bank; co-managers are Piper Jaffray & Co. and Needham & Co.

GTX INC. (Symbol: GTXI): follow-on offering of 5 million shares; greenshoe of 750,000 shares; off the shelf; Memphis-based company, focused on discovery of treatments for prostate cancer and other serious men's health issues, has four clinical programs under way; chairman J.R. Hyde III, who owns 39.8% of GTx stock as of June 30, has indicated interest in purchasing up to $5 million worth of shares in this offering; bookrunner is Goldman Sachs & Co.; co-managers are Lazard Capital Markets and SG Cowen & Co.

SKINMEDICA INC. (Symbol: SKMD): initial public offering of 5.25 million common shares; proposed at $11 to $13 per share; Carlsbad, Calif.-based dermatological company plans to use proceeds for working capital, for licensing products, to increase its sales force and for general corporate purposes; underwriters are S.G. Cowen & Co. (bookrunner), Piper Jaffray, Thomas Weisel Partners and C.E. Unterberg Towbin.

THRESHOLD PHARMACEUTICALS INC. (Symbol: THLD): follow-on offering of 6.25 million shares; greenshoe of 937,500 shares; Redwood City, Calif.-based biotech to use proceeds for clinical trials, research and development and toward sales and marketing efforts; bookrunner is Morgan Stanley; co-managers are CIBC World Markets and Lazard Capital Markets.

WEEK OF OCT. 10

DYNAVAX TECHNOLOGIES CORP. (Symbol: DVAX): follow-on offering of 4 million shares; greenshoe of 600,000 shares; Berkeley, Calif.-based Dynavax focuses on products to treat and prevent allergies, infectious diseases and chronic inflammatory diseases using approaches that alter immune system responses; proceeds earmarked for general corporate purposes, including clinical trials, research and development and general and administrative expenses; Bear Stearns is lead manager and bookrunner; co-managers are CIBC World Markets and Pacific Growth Equities.

UPCOMING BANK CLOSINGS

FRESENIUS MEDICAL CARE AG: Pro rata bank meeting was June 23, term B likely launching in the fall; $5 billion senior credit facility; Bank of America and Deutsche Bank, with Bank of America left lead; $1 billion revolver at Libor plus 137.5 bps; $2 billion five-year term A at Libor plus 137.5 bps; $2 billion seven-year term B; finance acquisition of Renal Care Group Inc. for about $3.5 billion, plus the assumption of about $500 million of Renal debt, and refinance Fresenius credit facility; Bad Homburg, Germany, dialysis products and services provider.

IPOs ON THE HORIZON

ACCENTIA BIOPHARMACEUTICALS INC. (Symbol: ABPI): initial public offering of 2.5 million shares, lowered from 5.25 million shares, which was a reduction from initial plans for 6.25 million shares, greenshoe reduced to 375,000 shares from 937,000 shares; including 1 million by Pharmaceutical Product Development Inc.; still proposed at $8 to $10 per share, reduced from initial plans for $11 to $13; Tampa, Fla.-based company plans to use proceeds to repay in full an outstanding loan from McKesson Corp., complete phase III clinical trials for SinuNase, complete a phase III clinical trial for Biovaxid, complete the design and prototype for an automated production and purification system for the manufacture of Biovaxid, to fund milestone payments due to partners with respect to products in the pipeline, and general corporate purposes, including working capital and capital expenditures; via Jefferies & Co. Inc. (books); co-managers are Ferris Baker Watts Inc., Stifel Nicolaus & Co. Inc. and GunnAllen Financial Inc.

ACORDA THERAPEUTICS INC. (Symbol: ACOR): initial public offering; proceeds estimated at $86.25 but no price range or timing provided; Hawthorne, N.Y.-based company focuses on multiple sclerosis, spinal cord injury and other central nervous disorders; it has a marketed product, Zanaflex Capsules, approved for spasticity; lead product candidate, Fampridine-SR, is in a phase III clinical trials to improve walking ability in people with MS; Banc of America Securities is bookrunner; co-managers are Lazard Capital Markets, Piper Jaffray and SG Cowen & Co.

ALGORX PHARMACEUTICALS INC. (Symbol: AGRX): initial public offering of 6.8 million shares; greenshoe of 1.02 million shares; price range of $7 to $8 per share; Secaucus, N.J.-based emerging biopharma company is focused on pain medications, with three product candidates in various stages of clinical programs; proceeds, together with cash on hand, to be used for continuing development of product candidates, clinical trial programs and new drug applications, to fund operations, provide working capital and other general corporate purposes, which may include in-licensing or acquiring additional product candidates; underwriters are Credit Suisse First Boston, Citigroup, Piper Jaffray and Lazard.

AMPHASTAR PHARMACEUTICALS INC. (Symbol: AMPR): initial public offering of common stock; proceeds estimated at $115 million, but no per-share price range yet; the company issued 675,676 shares in a private placement in February 2005 at $14.80 per share; Rancho Cucamonga, Calif.-based company has 66 generic and branded injectable and inhalation products in the market, such as Primatene Mist; proceeds are earmarked to fund continued development of product candidates, to upgrade, renovate and equip an additional manufacturing and development building and general corporate purposes such as potential acquisitions; underwriters are Lehman Brothers, UBS Investment Bank (joint books) and Deutsche Bank Securities.

BIONUMERIK PHARMACEUTICALS INC. (Symbol: BNPI): initial public offering of 5 million shares with 750,000 greenshoe; proposed at $14 to $16 per share; San Antonio-based company develops Tavocept as an investigational new drug to prevent or mitigate neuropathy and BNP 1350 as an anti-tumor chemotherapy drug; proceeds earmarked to complete Tavocept manufacturing and commercialization, advance phase III clinical trials for BNP 1350, working capital and other general corporate purposes; underwriters are UBS Investment Bank (books) with co-managers Needham & Co., Leerink Swann & Co., and Punk Ziegel & Co.

COMBINATORX INC. (Symbol: CRXX): initial public offering of 6 million shares; greenshoe of 900,000 shares; proposed at $10 to $12 per share; Boston-based company is focused on developing new medicines built from synergistic combinations of approved drug with clinical trials under way for seven product candidates targeting multiple immuno-inflammatory diseases and cancer; proceeds will be used to fund clinical trials, development of additional product candidates, working capital, capital expenditures and general corporate purposes such as possible acquisitions; underwriters are S.G. Cowen & Co., Pacific Growth Equities LLC, SunTrust Robinson Humphrey and A.G. Edwards & Sons Co.

ELECTRO-OPTICAL SCIENCES INC. (Symbol: MELA): initial public offering of 4 million shares, greenshoe of 600,000 shares; price range bumped to $5.50 to $6.50 from earlier $5.50 per share (a revision from $8 to $10 per share, which was reduced from initial filing at $10 to $12); post-IPO, the company will have 10.51 million shares outstanding; Irvington, N.Y.-based medical device company focuses on instruments used in the early diagnosis of melanoma; plans to use proceeds to fund research and development, including clinical studies, build a sales and marketing force and for general corporate purposes, including working capital, facilities expansion and potential acquisitions; bookrunner now is ThinkEquity Partners LLC; co-lead manager is Stanford Group Co.

IOMAI CORP. (Symbol: IOMI): initial public offering; proceeds estimated at $86.25 million; no other estimates provided; Gaithersburg, Md.-biopharmaceutical company concentrates on developing and commercializing vaccines and immunostimulants delivered to the skin; proceeds will be used to fund clinical trials, to fund operations and to provide working capital; bookrunner is UBS Investment Bank; SG Cowen & Co. is joint lead manager; co-managers are First Albany Capital and Susquehanna Financial Group.

NXSTAGE MEDICAL INC. (Symbol: NXTM): initial public offering of common stock; estimated proceeds of $75 million; Lawrence, Mass.-based company develops and makes dialysis systems; proceeds for working capital, to expand manufacturing and for general corporate purposes; pre-IPO, Sprout Group holds 6.98 million shares or 36.5% and Atlas Ventures holds 3.29 million shares or 17.3%; underwriters are Merrill Lynch, Thomas Weisel Partners, William Blair & Co. and JMP Securities.

PREDIX PHARMACEUTICALS HOLDINGS INC. (Symbol: PRDX): initial public offering of 5 million shares; greenshoe of 750,000 shares; proposed at $10 to $12 per share; timing not yet determined; bookrunner is UBS Investment Bank; joint lead manager is Deutsche Bank Securities; co-managers are CIBC World Markets and ThinkEquity Partners LLC; Lexington, Mass.-based company, focused on highly selective small-molecule drugs that target G-Protein Coupled Receptors and ion channels, plans to use proceeds to fund continued clinical trials and general corporate purposes.

PRESTWICK PHARMACEUTICALS INC. (Symbol: PWCK): initial public offering of common stock; Washington, D.C.-based specialty pharmaceutical company develops small molecule drugs that target chronic diseases of the central nervous system; proceeds slated to fund clinical trials, working capital and general corporate purposes, including capital expenditures; underwriters are UBS Investment Bank, Deutsche Bank Securities and CIBC World Markets.

RELIANT PHARMACEUTICALS INC. (Symbol: RRX): initial public offering of common stock; estimated proceeds $300 million; Liberty Corner, N.J.-based company develops and markets branded cardiovascular drugs; plans to use proceeds to acquire rights to additional pharmaceutical products, increase promotional activities for existing product portfolio, fund clinical development projects and general corporate purposes; lead underwriter is Goldman Sachs & Co.; co-managers are Banc of America Securities, Deutsche Bank Securities, JPMorgan, William Blair & Co. and Lazard Capital Markets.

VALERA PHARMACEUTICALS INC. (Symbol: VLRX): initial public offering of common shares; no estimates given; Cranbury, N.J.-based company focused on the treatment of urological and endocrine conditions; proceeds will be used to fund expansion of sales and marketing force, research and development activities, to expand manufacturing facilities and general corporate purposes; underwriters are UBS Investment Bank (bookrunner), Banc of America Securities (joint lead), First Albany Capital and Fortis Securities.

VOYAGER PHARMACEUTICAL CORP. (Symbol: VYGR): initial public offering of common shares; estimated proceeds of $128.9 million; no other estimates given; Raleigh, N.C.-based company's most advanced product candidate, in phase III trials, is Memryte, a small, biodegradable implant comprised of leuprolide acetate and a polymer, for mild to moderate Alzheimer's disease; bookrunner W.R. Hambrecht & Co.

FOLLOW-ON OFFERINGS

DYAX CORP. (Symbol: DYAX): follow-on offering of 9 million shares; estimated proceeds of $52.8 million, based on Aug. 19 average price of $5.87; no underwriters or timing set; Boston-based firm, which is focused on advancing novel biotherapeutics with an emphasis on cancer and inflammatory indications, has two product candidates in or entering into phase II clinical trials for three indications; proceeds would be used for general corporate purposes, including financing its clinical development programs.

DEBT ON THE HORIZON

DULOXETINE ROYALTY SUB: $150 million of secured notes; greenshoe of $50 million to $150 million; newly formed unit of Quintiles Transnational Corp., to use proceeds to repay in full all outstanding term loans, if any, under Quintiles' existing senior secured credit facility and for general corporate purposes; interest secured with royalty and other payments to be made under an existing agreement between Quintiles and Eli Lilly & Co., which are based on Lilly's U.S. sales of Cymbalta, a drug used to treat depression and diabetic pain.

MEDICIS PHARMACEUTICAL CORP. (Symbol: MRX): $650 million seven-year senior secured credit facility; Deutsche Bank; help fund acquisition of Inamed Corp.; Scottsdale, Ariz., specialty pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.