Two biotechs, Chimerix (CMRX) and Omthera Pharmaceuticals (OMTH), debuted on Thursday, bringing the total to five deals that have priced in April. Chimerix finished the day up 34.2% and Omthera traded down 7.1%. The companies joined UK-based shuttle tanker operator KNOT Offshore Partners LP (KNOP, up 3.8%), homebuilder Taylor Morrison (TMHC, up 4.7%) and Texas-based Independent Bank Group (IBTX, up 17.9%) in the growing group of April deals. Eight deals remain on the calendar for the rest of April.
Chimerix stock rises after pricing upsized deal
Chimerix, which is developing a potent antiviral drug for use in stem cell transplants, raised $102 million by offering 7.3 million shares at $14, within the range of $13 to $15. The Durham, NC-based company had originally planned to raise $85 million by offering 6.1 million shares before upsizing the NASDAQ-listed deal by 20%. Aisling Capital agreed to purchase $15 million of shares on the IPO (15% of the deal). Chimerix, which booked $34 million in sales for the 12 months ended 12/31/2012, initially filed confidentially on 1/30/2013. Morgan Stanley and Cowen & Company acted as lead managers on the deal.
Omthera Pharmaceuticals prices upsized deal well below the range
Omthera Pharmaceuticals, which has developed a prescription fish oil capsule that reduces triglyceride levels, raised $64 million on Wednesday after pricing its 8 million share IPO at $8. The Princeton, NJ-based company had originally filed to offer 5.8 million shares at a much higher range of $12 to $14, resulting in a deal size 15% smaller than anticipated. Existing venture backers purchased roughly $17 million (26%) of the IPO, effectively reducing the float to $47 million for the NASDAQ-listed deal. At the $8 offer price, Omthera commands a market cap of $193 million, with roughly $77 million in post-IPO cash. The company, which was founded in 2008, initially filed confidentially on 1/25/2013. BofA Merrill Lynch, Barclays and Leerink Swann acted as lead managers on the deal.
