Print“Five Prime’s IPO may break the end of the summer quiet period for IPOs. It is the first of four life sciences companies expected to go public this week.”
Five Prime Therapeutics raised $62 million in an initial public offering and rose sharply in early trading.
The South San Francisco-based biotech sold 4.8 million shares at $13 a share, pricing at the midpoint of its $12 to $14 target range and increasing the number of shares offered by 20 percent.
Five Prime’s IPO may break the end of the summer quiet period for IPOs. It is the first of four life sciences companies expected to go public this week, including Acceleron Pharma, BIND Therapeutics, and Fate Therapeutics, and the first of eight biotechs that have set their terms.
Year to date, 33 life sciences companies have completed IPOs on U.S. exchanges, raising $5.4 billion. Three quarters of the companies develop therapeutics. Collectively they have raised $1.8 billion so far this year, not including the $2.6 billion raised by animal health company Zoetis. As of the end of August, the U.S. IPO class of 2013 was collectively up 35 percent.
Five Prime Therapeutics develops protein therapeutics for cancers and autoimmune diseases. The company says it has developed a protein library of more than 5,600 human proteins, which it believes represents “substantially all of the body’s medically important targets for protein therapeutics.”
Since its founding in 2001 by president and CEO Lewis Williams, Five Prime has generated more than $220 million from partnerships with pharmaceutical companies including GlaxoSmithKline and UCB. The company had filed to go public confidentially in mid-June.
September 18, 2013
http://www.burrillreport.com/article-five_prime_therapeutics_ipo_raises_62m.html
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