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Article: Reliant IPO Seeking $300M To Advance Heart Portfolio.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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West Coast Editor
In a financing environment that's less than ideal for biotechnology firms, Reliant Pharmaceuticals Inc. is shooting to raise $300 million with its initial public offering, though the company did not specify the number of shares or the price per share.
Reliant, of Liberty Corner, N.J., is about 60 percent owned, on an as-converted basis, by the trio of PharmBay Investors LLC, Bay City Capital LLC and Alkermes Inc. - the last of which once planned to merge with Reliant.
Focused on cardiovascular drugs, Reliant was founded in August 1999 and started operating the next year when it bought rights to three marketed brands. The firm ...