IPO News and Updates

8/1/14


Marinus Pharmaceuticals, an early-stage biotech developing an add-on therapy for epilepsy, raised $45 million by offering 5.6 million shares at $8, well below the $12-$14 range. Marinus Pharmaceuticals will list on the NASDAQ under the symbol MRNS. Marinus Pharmaceuticals initially filed confidentially on April 4, 2014. Stifel and JMP Securities acted as joint bookrunners on the deal.


Keywords: MRNS

7/31/14


C1 Financial, a Florida commercial bank with 29 locations and $1.4 billion in assets, announced terms for its IPO on Thursday. The St. Petersburg, FL-based company plans to raise $50 million by offering 2.6 million shares at a price range of $18 to $20. At the midpoint of the proposed range, C1 Financial would command a fully diluted market value of $303 million.

C1 Financial, which was founded in 1995 and booked $75 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol BNK. Keefe Bruyette Woods and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of August 11, 2014.


Keywords: BNK, FCB

7/31/14


ProteinSimple, which develops systems for protein analysis, withdrew its plans for an initial public offering on Thursday after announcing its plans to be acquired by Techne for $300 million in June. The Santa Clara, CA-based company was founded in 2000 and booked $54 million in sales for the 12 months ended March 31, 2014. J.P. Morgan and BofA Merrill Lynch were set to be the joint bookrunners on the deal.


Keywords: PRTN

7/31/14 Analyst IPO Blog


Last night 12 IPOs were expected to price, but only 8 did.  Two deals were postponed: extended release biotech Mapi-Pharma (MAPI) and cardiovascular diagnostic firm Lantheus (LNTH).  Two deals were delayed a day: osteoporosis patch biotech Zosano Pharma (ZSAN) and liver biotech Tobira Therapeutics (TBRA).
 
The 8 IPOs that priced and traded today faced a chilly reception from investors.  Five of the 8 have broken their IPO prices including the $2.9 billion IPO of GE consumer finance arm Synchrony (SYF), the largest IPO of the year, and Blackstone-backed drug delivery firm Catalent (CTLT).  The last time the IPO market digested more than 8 IPOs in a day was December 2004 and there is no historical precedent to the number of biotech offerings.

With the exception of surprising strength from wet AMD biotech Avalanche Biotech (AAVL), three of the 4 biotechs were priced at or below their ranges and all have traded at least 20% below their IPO prices: cancer biotech Vascular Biogenics (VBLX), wound healing biotech Macrocure (MCUR) and rare genetic disease biotech Bio Blast (ORPN). 
 
Tonight 10 IPOs are hoping to price….including 6 biotechs!


Keywords: IPO market, MAPI, LNTH, ZSAN, TBRA, SYF, CTLT, AAVL, VBLX, MCUR, ORPN

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