Bio-equity sizzles

All was well in biotech last week, even as the tech-heavy NASDAQ Composite shed 3 percent. The BioCentury 100 traded up 2 percent, while $856.3 million was raised in six underwritten deals that included a quartet of IPOs and two follow-ons. Perhaps more importantly, all the financings brought in more than they had originally hoped: both follow-ons jacked up their deal size and priced considerably higher than their price at filing. In the IPO group, two deals were bumped up in size, with one pricing at the top end of the range and the other pricing $1 above the top end; the other two deals priced at the top end of their ranges (see "Makin' Money").

The follow-ons were highlighted by Protein Design Labs' $355.3 million deal, in which the antibody company sold 3 million shares at $118.438. PDLI added 500,000 shares after it saw its price rise $20 (31 percent) on the road. Cancer play NeoPharm (NEOL) added 200,000 shares to its follow-on and ended up raising $106.5 million through the sale of 3 million shares at $35.50. NEOL's price nearly doubled from its filing price of $19.375. ...