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Executive Summary

AMYLIN PHARMACEUTICALS IPO RAISES $56 MIL. on Jan. 17 with 4 mil. shares going for $14 per share. The offering increased substantially in size and price from the estimates in a Nov. 27 prospectus filed with the Securities & Exchange Commission. The prospectus estimated a price of $10 per share for 3 mil. shares. The offering, underwritten by Morgan Stanley and Alex. Brown, testifies to the continued interest in new biotech offerings despite a recent softening in the market for biotech shares. Proceeds will support San Diego-based Amylin's research and development efforts for diabetes and obesity based on the pancreatic hormone amylin, as well as other general corporate purposes. The company is ready to carry its R&D into human clinicals: the firm filed an IND on Dec. 10. Initial clinical trials will focus on the clinical pharmacology of amylin in replacement therapy applications. Future applications may include amylin blockade therapy for both diabetes and obesity, as well as possible amylin agonist use for treatment of osteoporosis, the company said. Amylin announced Jan. 6 that former Burroughs Wellcome researcher Robert Butz, PhD, has joined the company as vice president of development. Butz most recently served as VP-clinical operations for the international contract research organization Quintiles. At Amylin, Butz will be responsible for preclinical development, clinical R&D, clinical data management and project management. Amylin is working with Glaxo in the blockade therapy area under an agreement signed in October ("The Pink Sheet" Nov. 4, T&G-1). As part of the collaboration, each firm will assign 20 to 35 scientists to a joint effort to "develop amylin blockers for the treatment of adult onset diabetes," the prospectus says. In exchange for an upfront $2 mil. research fee, Glaxo has exclusive rights to commercialize any product candidates, while Amylin retains the right to copromote any marketable products on a product-by-product, market-by-market basis, "subject to reimbursing Glaxo for certain development costs." Glaxo has no equity stake in Amylin. Amylin retains all commercial rights to its amylin replacement therapy for diabetes indications and at present plans to undertake all clinicals, manufacturing and marketing, the prospectus notes. "The company plans to file additional INDs on amylin-based compounds for treating severe hypoglycemia in insulin-dependent diabetics, for reducing the risk of insulin-induced hypoglycemia, and for treating an underlying cause of adult onset diabetes," the prospectus adds.

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