September 16, 2009
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Biopharma IPOs come in pairs, apparently (a-pair-ently?). A month ago, Cumberland and Emdeon created something that looked like an IPO window and now, Talecris Biotherapeutics and Anthera Pharmaceuticals have filed to go public:
If Anthera’s offering succeeds, I think we can officially declare IPOs back as a viable exit.
Update: Omeros, which has some late-stage spec pharma products as well as an early-stage CNS pipeline, and was the subject of IPO rumors a couple of weeks ago, has filed an amended S-1 indicating a $10-$12 per share price range.
August 12, 2009
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This week has seen a continued upswing for biotech and other health industry companies in the U.S. (with two IPOs) and in Canada (with great VC news and the pending appointment of an administrator for the Ontario Emerging Technologies Fund):
In the U.S.
Here in Canada
- Enobia Pharma, whose lead (Phase II) product is a human recombinant enzyme for hormone replacement in hypophosphatasia patients, raised $50 million in their third venture round this week. Remember the grim report on Canada’s VC numbers last week? Well, between this Enobia deal plus Allostera’s $17 million round in July, Canadian healthcare companies are on-track to match 2008 levels (no great shakes, but still better than other sectors were faring at the end of Q2).
- In other interesting news, investment firm LOM Bancorp and BioQuest Capital Corp., a biotechnology developer, announced a new joint venture this week. More to come on this one as we learn more about the goals, structure and funding, but this will be good for Canadian biotech.
- We also hear that the Ontario Emerging Technology Fund launch will really get moving with the engagement of a fund administrator, as the Province’s RFP process wraps up in the next couple of weeks.
In the pipeline
With personalized medicine seeing increasing validation as a clinical strategy, genomics technology will be key. News this week from Helicos Biosciences that an individual’s complete genome was sequenced in one month for just $50k in consumables is an important marker (har) on the road to regular full-genome scans as part of our medical toolkit.
August 11, 2009
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Cumberland Pharmaceuticals (NASDAQ: CPIX) raised $85 million in its IPO today, pricing at $17 per share. This was less than the $19-21 per share range, but since it’s the first bio IPO since November 2007 we won’t complain.
The company is planning to use the proceeds to buy late-stage or approved therapies for acute care and gastroenterology to go along with their existing approved products — Caldolor, an IV form of ibuprofen, and Acetadote, which treats acetaminophen overdose.
The WSJ Health Blog notes that Cumberland is the first of two planned healthcare IPOs this week. Stay tuned for Emdeon, an electronic medical-billing systems company that is looking for over $330 million tomorrow.