ARTICLE | Finance
Strategic value trumps IPO
Shire buys IPO candidate Advanced BioHealing to form regenerative medicine unit
May 23, 2011 7:00 AM UTC
On the eve of Advanced BioHealing Inc.'s NYSE debut last week, Shire plc (LSE:SHP; NASDAQ:SHPGY) said it would acquire the company for $750 million in cash, making it the first biotech in almost four years to be snapped up from the IPO queue.
Advanced BioHealing had expected to sell 8.4 million shares at $14-$16. At the $15 midpoint, it would have raised $125.3 million and been valued at $597.3 million...