Biotech Values

[DewDiligence]

Talecris Seeks to IPO—Again

[Talecris was formed by VC’s in 2005 to buy Bayer’s plasma-protein business (#msg-5925270); it has been owned ever since by these VC’s, who were unsuccessful attempting to IPO in 2007 (#msg-21625850). In 2008, Talecris agreed to be bought by CSL Behring, but the FTC rejected the deal as anticompetitive (#msg-38506825). Now its back to Plan ‘A.’

Aside from CSL and Talecris, the main player in plasma proteins is BAX; all three companies have seen their plasma-protein business hold up remarkably well in the face of competition from recombinant alternatives (#msg-32783294).]

http://www.reuters.com/article/marketsNews/idINN2816419020090728

›Tue Jul 28, 2009 2:20pm EDT

NEW YORK, July 28 (Reuters) - Talecris Biotherapeutics Holdings Corp, whose acquisition by CSL Ltd was blocked by regulators, may be moving toward an initial public offering, according to recent filings with the U.S. Securities and Exchange Commission.

Last month, the biotechnology company and Australian blood products group CSL (CSL.AX) terminated their $3.1 billion merger agreement under pressure from U.S. antitrust regulators.

Since then, Talecris has filed an updated registration statements with the SEC, laying the groundwork for a potential IPO. The company had previously aimed to launch an IPO, but dropped the plan last year when it agreed to the deal with CSL.

Talecris aims to trade its stock on Nasdaq under the symbol "TLCR," according to the SEC filings. It plans to use the proceeds to repay debt, pay dividends on convertible preferred stock, and fund working capital, capital expenditures and other corporate purposes, according to the filings, the latest of which was on July 21.

The SEC filings did not include an expected price range for an offering.

Talecris, which makes plasma-derived protein therapies for people suffering from chronic and acute conditions, could not be reached immediately for comment.

In 2008, Talecris generated net income of $65.8 million on revenues of $1.4 billion. In the first three months of 2009, it earned $33.4 million on revenues of $371.8 million, according the SEC filings.

The North Carolina company employs more than 4,500 workers worldwide.‹