Biopharmaceuticals and Banking Companies Set Initial Public Offerings

Strategic Insights -

Peninsula Pharmaceuticals Inc. and Placer Sierra Bancshares have both set the stage for their initial public offerings (IPOs) with filings to the U.S. Securities and Exchange Commission. Meanwhile, Liberman Broadcasting has revealed plans to raise a substantial sum in its IPO. Peninsula Pharmaceuticals Inc., a biopharmaceutical company, plans to raise $92.6 million, while Placer Sierra Bancshares is set to raise $76.6 million. Liberman Broadcasting, a Spanish-language radio and television broadcaster, aims to raise up to $184 million.

Key Takeaways:

  • Peninsula Pharmaceuticals Inc. is developing antibiotics to treat infectious diseases, including doripenem, an injectable form, which is being tested for complicated urinary tract and serious kidney infections.
  • The company has an accumulated deficit of $15.4 million as of September 30, 2003.
  • Placer Sierra Bancshares operates a 23-branch bank in Northern California with assets of $951 million and reported a profit of $9.3 million in 2003.
  • Liberman Broadcasting is the largest independent Spanish-language broadcaster in the U.S. and has operations concentrated in Los Angeles and Houston.
  • The parent company of Placer Sierra Bancshares, Belvedere Capital Partners, is a private equity fund with $160 million in capital under management.
  • The underwriters for Peninsula Pharmaceuticals Inc.'s IPO include Citigroup Inc., Credit Suisse First Boston, First Albany Capital Inc., and Piper Jaffray & Co.

Statistics:

  • Peninsula Pharmaceuticals Inc. plans to raise $92.6 million in its IPO, an increase from its original projection of $86.25 million in December.
  • The company's lead candidate, doripenem, is being tested for complicated urinary tract and serious kidney infections.
  • Placer Sierra Bancshares operates 23 branches in Northern California and has assets of $951 million.
  • Placer Sierra Bancshares reported a profit of $9.3 million in 2003, an increase of 53% from the previous year.
  • Liberman Broadcasting aims to raise up to $184 million in its IPO.

Sources:

  • "Peninsula Pharmaceuticals Inc. sets price range for IPO", TheDeal.com, February 12, 2004
  • "Placer Sierra Bancshares files prospectus for IPO", TheDeal.com, February 12, 2004
  • "Liberman Broadcasting files plan for IPO", TheDeal.com, February 12, 2004