Shifting demand

As investors seem sated by the IPO buffet, demand has shifted to PIPEs and follow-ons for later-stage publicly held companies. Nine NASDAQ-listed biotechs raised more than $1 billion in six PIPE deals and three follow-ons last week. Two of the follow-ons - OSI (OSIP, $374.5 million) and Cima (CIMA, $147.5 million) - were bumped up in size, and all three and priced near their filing prices.

OSIP sold 5.25 million shares at $70, after the drug discovery company upped the deal by 850,000 shares. The stock fell $0.375 while on the road, but rebounded strongly to close Friday at $83.25, up $11.735 (16 percent) on the week...