Codexis has decided to wade into frigid market waters with an IPO that may be used to raise upwards of $100 million. The company makes biocatalysts: enzymes or microbes that cause chemical reactions. Those biocatalysts have been used by drug companies like Bristol-Myers Squibb, Merck and Pfizer. Proceeds will go to general working capital. And the money is needed, it appears. Codexis lost $39 million last year even as its earnings jumped to $25.3 million.
- read the AP story [1]
Related Articles:
Codexis garners $37M in fourth round. Codexis report [2]
M&A activity heats up as biotech IPOs struggle. IPO report [3]
Big Biotech emerges as a shelter in economic storm. Report [4]
Links:
[1] http://www.forbes.com/feeds/ap/2008/04/14/ap4885486.html
[2] http://www.fiercebiotech.com/story/codexis-garners-37m-in-fourth-round/2006-08-24
[3] http://www.fiercebiotech.com/story/ma-activity-heats-up-as-biotech-ipos-struggle/2007-02-23
[4] http://www.fiercebiotech.com/story/big-biotech-emerges-as-a-shelter-in-economic-storm/2008-04-10