The third quarter of 2011 saw biopharmaceutical financings slump in both the number of transactions and the amount of money raised. The 61 financings that closed brought in $1.3 billion, well below Q2, in which 89 transactions raised $6.3 billion. (See Exhibit 1.) Follow-on public offerings led the pack in Q3, with $363 million gathered through only 10 deals. The two largest FOPOs together brought in close to half of that money – Zogenix Inc.’s $57.5 million [See Deal] and InterMune Inc.’s $94.4 million. [See Deal] Coincidentally, the biggest transaction this quarter was InterMune’s concurrent $131 million debt offering. [See Deal] The company’s financings will be used for the European launch of the idiopathic pulmonary fibrosis drug Esbriet (pirfenidone) – which was acquired from Marnac Inc. in 2007 [See Deal] – and to fund the Phase III ASCEND trial in the US. [See Deal] The remainder of the follow-ons went to cancer-focused companies – BioSante Pharmaceuticals Inc., [See Deal]Delcath Systems Inc., [See Deal]CytRx Corp., [See Deal]Cyclacel Pharmaceuticals Inc., [See Deal] and Agenus Inc.[See Deal]
Exhibit 1
Read the full article – start your free trial today!
Join thousands of industry professionals who rely on In Vivo for daily insights
- Start your 7-day free trial
- Explore trusted news, analysis, and insights
- Access comprehensive global coverage
- Enjoy instant access – no credit card required
Already a subscriber?