ERROR 1
ERROR 1
ERROR 2
ERROR 2
ERROR 2
ERROR 2
ERROR 2
Password and Confirm password must match.
If you have an ACS member number, please enter it here so we can link this account to your membership. (optional)
ERROR 2
ACS values your privacy. By submitting your information, you are gaining access to C&EN and subscribing to our weekly newsletter. We use the information you provide to make your reading experience better, and we will never sell your data to third party members.
An upturn in biotechnology company fortunes is helping boost stock values in the industry. In July especially, the biotech sector was "hot," according to Burrill & Co., and the merchant bank's biotech stock index posted a 6.5% gain. Positive drug data, good sales and earnings results, and partnering and merger deals all contributed to the increase. Taking advantage of the warmer climate for the sector, several biotech firms have sold or will sell shares to raise money. In one of the biggest offerings in some time, Human Genome Sciences cashed in on positive news about its lupus drug, Benlysta, and collected $357 million last week. Meanwhile, swine flu vaccine maker Inovio Biomedical raised $30 million, and Micromet, a developer of antibody therapies, brought in $81 million. Oncology-focused Ariad Pharmaceutical has priced its planned stock offering to raise $31 million, and Idenix Pharmaceuticals, which develops drugs against human viral diseases, hopes to raise $21 million. To further support its inhaled insulin product, MannKind will try to sell 7.4 million shares, which have been trading for around $8.00; CEO and principal stockholder Alfred E. Mann will buy 1 million of the newly offered shares.
Join the conversation
Contact the reporter
Submit a Letter to the Editor for publication
Engage with us on Twitter