Biotech Values

[DewDiligence]

Omrix IPO Prices at $10/shr-underwriter

[It hasn’t yet begun trading, FWIW.]

http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060421...


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NEW YORK, April 20 (Reuters) - Omrix Biopharmaceuticals Inc., a maker of biosurgical and passive immunotherapy products, on Thursday priced an initial public offering worth about $34.4 million, according to an underwriter.

The approximately 3.4 million share offer, sold for $10 per share, below an already lowered forecast range of $12. Omrix lowered its expectation of a range of $15 to $17 Thursday, according to a filing with the U.S. Securities and Exchange Commission. The New York-based company plans to use its proceeds from the offer for general corporate purposes and to pay down debt.

Omrix is the third IPO from a pharmaceutical company this month. Vanda Pharmaceuticals Inc. and Targacept Inc. <TRGT.O> earlier sold $57.5 million and $45 million in shares, respectively, according to data provider Dealogic.

Omrix said it expects its shares to trade on the Nasdaq under the ticker symbol OMRI . UBS Investment Bank is the lead underwriter on the deal.
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