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
Merck buys cardio-drug maker NovaCardia for $350M
San Diego’s NovaCardia, a developer of drugs for cardiovascular disease, agreed to sell itself to Merck for $350 million.
The specialty pharmaceutical company has in-licensed two drugs from other drug makers, one to treat kidney problems in heart failure patients and another for atrial fibrillation. The heart-failure drug, KW-3902, should enter a late-stage trial this year; the atrial-fibrillation drug, meanwhile, is slated to enter mid-stage trials this year.
Actually, I take that back — KW-3902… Continue Reading