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Summertime: When the offerings got easy


Five firms rake in $600 million and join the Genome Technology Index


The late summer days were anything but slow and lazy for the genomics gang on Wall Street. Five companies that provide technology to genomics researchers made initial public offerings in August. Combined, the group raised more than $600 million.

We’ve added ‘em to the Genome Technology Index.

We also eliminated one: We booted LJL Biosystems after its merger with Molecular Devices. Our original 26 minus 1 plus 5 leaves us with a neat package of 30 companies in the GTI. At least until the next wave of offerings and mergers.

Of the newcomers, two are pure bioinformatics plays. Heidelberg’s Lion Bioscience raised 231.4 million ($208.5 million) on Frankfurt’s Neuer Markt and Nasdaq. Lion’s was the biggest offering among the August group. The smallest offering was by Compugen of Israel. It went straight to Nasdaq, where it raised $50 million. US Bancorp Piper Jaffray initiated coverage on Compugen with a “buy” rating.

Mass spectrometry specialist Bruker Daltonics debuted on Nasdaq, raising $119.6 million. CIBC World Markets initiated coverage with a “strong buy” and Thomas Weisel with a “buy.”

Functional genomics database provider Deltagen raised $120.4 million in its Nasdaq debut. On the sell side, Salomon Smith Barney, FleetBoston Robertson Stephens, and US Bancorp Piper Jaffray initiated coverage of Deltagen with “buy” recommendations.

And in a long-awaited debut, gene expression platform provider Rosetta Inpharmatics raised $115.9 million in its Nasdaq IPO. Prudential Securities initiated coverage with a “strong buy,” and “buy” recommendations came from Lehman Brothers and Lazard Freres.


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