Ebb & Flow

ID Biomedical'sdecision to raise $100 million in a bought deal less than a week after pulling a proposed follow-on because it thought the price too low could have left some scratching their heads. The deals were remarkably close in price, especially after accounting for the warrants IDBE sold in the bought deal.

Indeed, the bought deal also dilutes shareholders more than the follow-on would have, even though IDBE had said the follow-on did not make sense for its shareholders at the prices being discussed (see "ID Biomedical Chronicles")...