For U.S. Biotechs, Money Is Available Again But It Doesn’t Come Cheap
Executive Summary
Oncothyreon is typical of many small publicly traded biotechs these days: the Seattle-based biotech finished the first quarter of 2009 with just $15.4 million in cash and equivalents, necessitating a careful husbanding of finances. But because it's been enjoying a recent uptick in market cap, the oncology-focused biotech raised $11.1 million via a registered direct offering
You may also be interested in...
Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q2 2009
Highlights from the Q2 2009 review of pharmaceutical and biotechnology dealmaking: In biopharma financing, the FOPO had a comeback bringing in $773 million with 11 transactions--a deal volume the public markets haven't achieved since Q1 2008. Cephalon and Dendreon led the pack, each with follow-on offerings exceeding the $100 million mark. There weren't the mega Big Pharma mergers done in previous months, however, there was a clear interest in generics as witnessed by Sanofi-Aventis' buyouts of two generics firms, and Watson and Novartis also getting in on the action, each through $1 billion+ acquisitions in this arena as well. As far as alliances were concerned, the top spot belongs to GlobeImmune, which granted Celgene exclusive worldwide rights to its {Targomen} cancer programs (including two clinical-stage candidates) in exchange for a potential $540 million pay day.Q2 also saw many companies shifting therapeutic focus to in-license products and candidates new to them in order to revive pipelines and beef up portfolios.
Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q2 2009
Highlights from the Q2 2009 review of pharmaceutical and biotechnology dealmaking: In biopharma financing, the FOPO had a comeback bringing in $773 million with 11 transactions--a deal volume the public markets haven't achieved since Q1 2008. Cephalon and Dendreon led the pack, each with follow-on offerings exceeding the $100 million mark. There weren't the mega Big Pharma mergers done in previous months, however, there was a clear interest in generics as witnessed by Sanofi-Aventis' buyouts of two generics firms, and Watson and Novartis also getting in on the action, each through $1 billion+ acquisitions in this arena as well. As far as alliances were concerned, the top spot belongs to GlobeImmune, which granted Celgene exclusive worldwide rights to its {Targomen} cancer programs (including two clinical-stage candidates) in exchange for a potential $540 million pay day.Q2 also saw many companies shifting therapeutic focus to in-license products and candidates new to them in order to revive pipelines and beef up portfolios.
Ahead of ASCO, Exelixis Inks Lucrative Deal With Sanofi For Its PI3 Kinase Inhibitors
Exelixis cashes in on a hot therapeutic drug target, showing that an R&D-focused biotech can succeed in the marketplace.