IPO Watch: Emergent BioSolutions Makes Anthrax Vaccine
11/15/2006 7:07:25 PM
November 15, 2006 -- Emergent BioSolutions successfully staged its IPO today, pricing 5 million shares at $12.50, a 17% reduction from the $14 to $16 range. But the offering was not a very good deal for the IPO investors, who saw their newly minted shares drop sharply to $11.55, a loss of 8% in open market trading. Emergent sells BioThrax, an anthrax vaccine, to the Department of Defense for military personnel, a contract that produced $127.3 million in revenue in 2005. We look at the company and its prospects...