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Biotech Avoids Fall Out From Tough Quarter for Capital Markets

Genzyme will develop and commercialize mipomersen, Isis' lipid-lowering treatment for high risk cardiovascular patients. Deal terms could add up to over $1.1 billion. Genzyme will pay Isis $150 million to purchase five million shares of Isis common stock and a $175 million up-front mipomersen license fee. In addition to this initial $325 million, Isis has the potential to receive significant milestone payments for mipomersen, which is currently in phase III trials. Once the product is launched, the two companies will share profits.

"It was only a matter of time before the frantic pace of biotech financing and partnering that the industry has experienced for the past three years slowed down," commented Burrill. "It is unlikely that we will see a return any time soon because of the market concerns about the continuing credit crisis and its impact on the economy."

US Biotech Financings ($M)

Q1 2008


2005 2006 2007 Q1


IPO $819 $920 $2,041 $6

Follow-ons $4,194 $5,766 $6,311 $701

PIPEs $2,376 $2,027 $1,618 $370

Debt $5,565 $13,978 $6,749 $1,622


VC $3,518 $4,236 $4,425 $837

Other $1,114 $425 $611 $20

Total $17,586 $27,352 $21,975 $3,556

Partnering $17,268 $19,796 $22,365 $3,091

Total $34,854 $47,148 $44,340 $6,647

SOURCE Burrill & Company
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