Middleman

ChemoCentryx Inc. set a mid-range valuation among the would-be IPO class of 2012 when the autoimmune and cancer company announced a price range of $14.-$16. It hopes to sell 4 million shares through underwriters JPMorgan; Citi; and Cowen. A $15 price would raise $60 million and value the company at $510.3 million after concurrent private placements of $7 million and $5 million with shareholders GlaxoSmithKline plc and Techne Corp., respectively.

The highest valuation target so far in 2012 was set by Merrimack Pharmaceuticals Inc., which hopes to sell 16.7 million shares at $8-$10. A $9 price would raise $150 million and value the Phase III cancer company at $852.8 million...