Biotech New Deal Calendar

NOV. 14 WEEK

DIGENE CORP. (Symbol: DIGE): follow-on offering of 2 million shares; secondary offering of 1 million shares by shareholder Armonk Partners; total greenshoe of 450,000 shares available; Gaithersburg, Md.-based company develops DNA and RNA testing systems with a focus on women's cancers and infectious diseases; proceeds, estimated at $56.6 million on an offering price of $30.17 per share, are earmarked for working capital and other general corporate purposes, including research and development expenditures, sales and marketing expenditures, capital expenditures and potential acquisitions; bookrunner is J.P. Morgan; joint lead manager is Thomas Weisel Partners; co-managers are Goldman Sachs and SG Cowen.

ONYX PHARMACEUTICALS INC. (Symbol: ONXX): follow-on offering of 5 million shares; greenshoe of 750,000 shares; Emeryville, Calif.-based Onyx develops therapies that target the molecular mechanisms that cause cancer. Its drugs include Nexavar, in collaboration with Bayer Pharmaceuticals Corp.; Proceeds, estimated at $149.7 million including the greenshoe based on an offering price of $27.79 per share, slated for clinical trials, the commercial launch of Nexavar and general corporate purposes, including working capital; joint bookrunners are Morgan Stanley & Co. Inc. and Merrill Lynch & Co.

IPOs ON THE HORIZON

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 3 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.

ALTUS PHARMACEUTICALS INC. (Symbol: ALTU): $115 million initial public offering of common stock; Merrill Lynch & Co., Morgan Stanley (joint leads), SG Cowen & Co.; Cambridge, Mass.-based biopharmaceutical company focused on the development and commercialization of oral and injectable protein therapeutics for chronic gastrointestinal and metabolic disorders; proceeds for drug development and general corporate purposes.

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 3 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.

CARDICA INC. (Symbol: CRDC): $40 million initial public offering of common stock; A.G. Edwards, Allen & Co. LLC; Redwood City, Calif.-based firm designs and manufactures proprietary automated anastomotic systems used by surgeons to perform coronary artery bypass surgery; proceeds to continue development of products, to build sales and marketing capabilities and for general corporate purposes.

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.

MOLECULAR INSIGHT PHARMACEUTICALS INC. (Symbol: MIPI): initial public offering; proceeds estimated at $57.5 million; Piper Jaffray and SG Cowen & Co. are joint bookrunners; Oppenheimer & Co. and Roth Capital Partners are in the syndicate; Cambridge, Mass.-based company concentrates on developing molecular imaging pharmaceuticals and targeted radiotherapeutics targeting cardiology, oncology and neurology.

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.

SGX PHARMACEUTICALS INC. (Symbol: SGXP): initial public offering; gross proceeds estimated at $80.5 million; no other estimates given; largest shareholder, Atlas Venture Funds, holds 22.85% of pre-IPO stock with 3.74 million shares, and BA Venture Partners holds 22.61% with 3.71 million shares; San Diego-based developmental cancer drug company said most of the proceeds will be used for research and development; its primary drug candidate, Troxatyl, currently in a phase 2 and 3 clinical trial for the third-line treatment of acute myelogenous leukemia, a blood cancer; underwriters are CIBC World Markets, Piper Jaffray and JMP Securities.

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 5.9 million common shares; greenshoe of 885,000 shares; proposed at $15 to $19 per share; OpenIPO auction; Raleigh, N.C.-based company's most advanced product candidate, in phase 3 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 2 clinical trials for three indications; proceeds would be used for general corporate purposes, including financing its clinical development programs.

PHARMAXIS LTD. (Symbol: PXSL): follow-on offering of 1.4 million American Depositary Shares representing 21 million ordinary shares; greenshoe for up to 210,000 depositary shares to be sold by Australian Bioscience Trust and Bioscience Ventures II; CIBC World Markets (lead), JMP Securities; also selling 17.5 million ordinary shares to non-U.S. qualified institutional and sophisticated investors, primarily in Australia; Frenchs Forest, Australia, specialty pharmaceutical company focused on the development of new products for the management and treatment of chronic respiratory and inflammatory/autoimmune diseases; proceeds to develop the company's Bronchitol drug for patients with cystic fibrosis, Aridol for management of asthma and for general corporate purposes.

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.

PATHEON INC.: U.S. bank meeting was Nov. 10 (Canadian bank meeting was Nov. 4); $290 million credit facility; RBC Capital Markets lead arranger; $75 million revolver talked at Libor plus 225 bps; $65 million five-year term A talked at Libor plus 225 bps; $150 million six-year term B talked at Libor plus 225 to 250 bps; refinance existing bank debt, including the debt associated with the MOVA Pharmaceutical Corp. acquisition that was completed in late-2004; expected close in December; Mississauga, Ont., provider of drug development and manufacturing services to the pharmaceutical industry.

DEBT ON THE HORIZON

ARTHROCARE CORP.: December/January timeframe; $100 million credit facility; Bank of America; fund the anticipated 2006 Opus Medical earn-out payments, the potential Applied Therapeutics earn-out payment and other strategic capital needs; Austin, Texas, soft-tissue surgery medical device company.

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.

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