Biotech financing: Will ImaRx break the IPO slump?
(UPDATED: See below.)
It’s been a long, barren summer for biotech IPOs, but ImaRx, the blood-clot company we featured here, finally managed to bull its way into the public markets. The company, which withdrew an earlier $75 million IPO and lowered its offering price on the current one, finally finally priced its IPO at its most recent target of $5 a share, selling three million shares for an anemic take of $15 million, excepting fees and possible… Continue Reading
Jazz Pharma takes it on the chin, raises less-than-expected $108M in IPO
Reuters is reporting that Jazz Pharmaceuticals, maker of the controversial drug Xyrem, priced its six million IPO shares at $18 apiece — roughly 30% below its earlier, most optimistic hopes. Just this morning, Jazz lowered its expected range to $20 to $21, down from an earlier projection of $24 to $26.
That leaves the specialty-pharma company, which had raised $265 million in venture funding and private equity, gross proceeds of $108 million — or up to… Continue Reading
Jazz slashes expected IPO price, follows “date rape” controversy
Jazz Pharmaceuticals, the generally unexciting specialty-pharmaceutical maker that hoped to raise $179.4 million in an IPO, has collided with reality.
The Palo Alto, Calif. company today slashed its expected IPO price by a fifth.
We’ve written before about Jazz and its wildly overrated strategy of salvaging poorly performing or cast-off drugs from other companies. David Hamilton, of VentureBeat LifeSciences, is on the trail, noting other worrying signs, such as the fact that the active ingredient in Jazz’s… Continue Reading
Jazz Pharma ratchets down IPO hopes amid drug controversy
(UPDATED: See below.) Jazz Pharmaceuticals, the generally unexciting specialty-pharmaceutical maker that had hoped to raise $179.4 million in an IPO, has collided with reality.
The company today lowered its expected IPO take to a maximum of $144.9 million, a drop of almost 20 percent, based on an expected offering of up to 6.9 million shares at a price of $20 to $21 apiece. Jazz had previously intended to price its shares between $24 and $26. Here is its… Continue Reading
Jazz Pharmaceuticals shoots for $179M IPO with me-too drugs
Jazz Pharmaceuticals, a Palo Alto, Calif., outfit that licenses and acquires drugs from other companies, said it hopes to raise up to $179.4 million in a 6.9 million share offering — all based on a stable of unexciting drug retreads.
According to its SEC filing, Jazz now plans to price its shares between $24 and $26 apiece, for gross proceeds of between $165.6 million and $179.4 million. When it first announced its IPO plans in March,… Continue Reading
Jazz Pharmaceuticals files for gutsy $172M IPO
Jazz Pharmaceuticals, a Palo Alto, Calif. company that seeks to license drugs from other companies, buy other drug companies and develop its own drugs, all in the area neurology and psychiatry, has filed for a $172.5 million IPO.
Here is its filing. It is four years old, and lost $81 million last year.
This is largely a financial engineering strategy, and it will be interesting to see whether the public is willing to buy stock in such… Continue Reading