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Life Sciences Industry: Quarterly Deal Review -Third Quarter 2005
Decision Resources, Inc, Dec 2005, Pages: 15
Biotechnology continued its steady rebound in the third quarter, pacing an overall strong quarter for the life sciences. The AMEX Biotechnology index posted a 14.9% gain during the quarter, easily beating the 2.9% and 4.6% gains posted by the DOW and NASDAQ exchanges, respectively. Taking their cue from the bullish marketplace, life sciences companies began once again to issue initial public offerings (IPOs); six U.S. life sciences companies made IPOs in the third quarter, up from only two in the second quarter. Secondary public offerings (SPOs) also benefited from the renewed climate of investor confidence; a total of 25 SPOs were made in the third quarter, helping the industry raise $1.4 billion.
Alliance activity dropped dramatically in the third quarter: a total of 296 deals were struck by the industry in the third quarter, down from 402 and 471 in the second and first quarters, respectively. Ownership changes witnessed a similar drop in activity in the third quarter. The industry recorded 74 ownership changes in the third quarter, down from 94 in the previous quarter. The largest deal announced in the third quarter was the $7.4 billion acquisition of Ivax by the Israel-based generics giant, Teva Pharmaceuticals. In this report, we review select IPOs, SPOs, debt financings, private placement and venture capital activity, ownership changes, and company alliances. We also examine the third quarter’s most active pharmaceutical and biotech companies.
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