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For U.S. Biotechs, Money Is Available Again But It Doesn’t Come Cheap

Executive Summary

Oncothyreon is typical of many small publicly traded biotechs these days: the Seattle-based biotech finished the first quarter of 2009 with just $15.4 million in cash and equivalents, necessitating a careful husbanding of finances. But because it's been enjoying a recent uptick in market cap, the oncology-focused biotech raised $11.1 million via a registered direct offering

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Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q2 2009

Highlights from the Q2 2009 review of pharmaceutical and biotechnology dealmaking: In biopharma financing, the FOPO had a comeback bringing in $773 million with 11 transactions--a deal volume the public markets haven't achieved since Q1 2008. Cephalon and Dendreon led the pack, each with follow-on offerings exceeding the $100 million mark. There weren't the mega Big Pharma mergers done in previous months, however, there was a clear interest in generics as witnessed by Sanofi-Aventis' buyouts of two generics firms, and Watson and Novartis also getting in on the action, each through $1 billion+ acquisitions in this arena as well. As far as alliances were concerned, the top spot belongs to GlobeImmune, which granted Celgene exclusive worldwide rights to its {Targomen} cancer programs (including two clinical-stage candidates) in exchange for a potential $540 million pay day.Q2 also saw many companies shifting therapeutic focus to in-license products and candidates new to them in order to revive pipelines and beef up portfolios.

Pharmaceutical/Biotechnology Deal Statistics Quarterly, Q2 2009

Highlights from the Q2 2009 review of pharmaceutical and biotechnology dealmaking: In biopharma financing, the FOPO had a comeback bringing in $773 million with 11 transactions--a deal volume the public markets haven't achieved since Q1 2008. Cephalon and Dendreon led the pack, each with follow-on offerings exceeding the $100 million mark. There weren't the mega Big Pharma mergers done in previous months, however, there was a clear interest in generics as witnessed by Sanofi-Aventis' buyouts of two generics firms, and Watson and Novartis also getting in on the action, each through $1 billion+ acquisitions in this arena as well. As far as alliances were concerned, the top spot belongs to GlobeImmune, which granted Celgene exclusive worldwide rights to its {Targomen} cancer programs (including two clinical-stage candidates) in exchange for a potential $540 million pay day.Q2 also saw many companies shifting therapeutic focus to in-license products and candidates new to them in order to revive pipelines and beef up portfolios.

Recent Biotech Financings: Xanodyne, Avid, Cephalon, And Proteon

Cash isn’t easy to come by, but financing is available for public and private biotechs, at the right price.

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