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Biotech Posts Strong Third Quarter Performance as Capital Markets Go on a Tear
Date:10/1/2010

M&A land the resolution of Sanofi-Aventis' bid to acquire Genzyme will continue to unfold after its first offer, valued at $18 billion, was rejected. The fall will also be a very busy time for U.S. drug approvals with over 20 marketing applications to be decided before year's end by the regulators at the U.S. Food and Drug Administration," concluded Burrill.

Biotech IPO Activity

"IPO activity across all sectors picked up in the quarter, but in order to attract investors and get deals done, companies had to be willing to trim their price expectations even in the wake of the strengthening equity markets," noted Burrill.

Three biotech companies amended their prices to go public in the third quarter. Antibiotic developer Trius Therapeutics slashed its expected share price by 62 percent to complete its offering selling 10 million shares at $5 per share. The San Diego biotech plans to begin a late stage trial to evaluate torezolid, its lead next-generation antibiotic, against Pfizer's Zyvox linezolid to treat acute bacterial skin and skin structure infections.

Specialty pharmaceutical company NuPathe raised $50 million after trimming its offering price to $10 from its original $14 to $16 range. NuPathe is focused on treatments for diseases of the central nervous system.

Amyris Biotechnologies, which uses genetically modified yeast to make products for the specialty chemical/fuel markets, raised $85 million by offering 5.3 million shares at $16, below the range of $18-$20. However, its post-IPO trading was positive with the company's shares closing the month up 7.8 percent. Amyris plans to continue its growth through alliances with big-cap companies and has focused on using Brazil's vast resources of sugar cane to help create products. The company plans to use proceeds of the IPO for capital spending, working capital and corporate purposes, including the construction of engineering service capabilities to support sugar and etha
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SOURCE Burrill & Company
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