Low-risk—or at least low R&D risk--is still very fashionable, both in Europe and the US. Sinclair IS Pharma PLC 's £8.9 million ($16 million) IPO on London's Alternative Investment Market (AIM) in December 2003 was Europe's only health care flotation that year. [See Deal] Sinclair is as low-risk as they come, with no R&D, nor even its own marketing infrastructure. In the US, Pharmion Corp. 's IPO was the largest of only a handful of listings there during 2003; it, too, fits firmly within the specialty pharma model, in-licensing late-stage or marketed drugs to market to niche audiences. [See Deal]
The public has warmed to both; they've seen share price increases post-IPO of nearly 40%. Meanwhile, public success translates into...
