Biopharma Dealmaking Quarterly Statistics, Q2 2013

From April through June 2013, 134 financings brought in over $11 billion, a steep increase over the previous three-months’ $4.6 billion. Similar to the preceding quarter, follow-on public offerings yielded the most capital by comparison with other financing vehicles ( $3.8 billion in aggregate, or 35% of the total biopharma dollars raised. (See Exhibit 1.) Valeant Pharmaceuticals International Inc.’s $2.3 billion June FOPO, in which it sold 27 million shares at $85 apiece, [See Deal] made up 60% of the FOPO category. The quarter’s largest transaction was also done by Valeant, in June: a $3.2 billion debt offering. [See Deal] The company sold notes to VPII Escrow Corp., issuing $1.6 billion of its 6.75% senior unsecured notes due 2018 and $1.625 billion of its 7.5% senior unsecured notes due 2021. Valeant will use the proceeds to help finance its $8.7 billion acquisition of eye care specialist Bausch & Lomb Inc., [See Deal] which had planned an IPO in March, but then withdrew the offering in May. [See Deal]

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