In this issue, we present another installment of our quarterly review of dealmaking—for January-March 2006. Our data comes from Windhover's Strategic Intelligence Systems, which covers deal activity within the pharmaceutical/biotechnology, medical device, and in vitro diagnostics industries.
The outlook in pharmaceutical financing was rosier in the first quarter, as IPO volume held steady at eight, while follow-on offerings increased to 21 deals netting $77 million on average, while the previous quarter had seen 14 follow-ons averaging $69 million. (See Exhibit 1.) Nonetheless, most public biopharmas opted for institutional financing in the quarter, as 57 PIPE financings were completed in the quarter, well up from the previous quarter's 13. Notably, the largest IPOs of the quarter were by companies whose most advanced products were in Phase II: metabolic drug developer Altus Pharmaceuticals Inc
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