December 1, 2006 -- Affymax set the terms of its planned IPO, saying it intends to offer 3.5 million shares in a $22-$24 range. After the IPO, the company will have 14 million shares outstanding, giving Affymax a value of $324 million. The lead candidate for Affymax is Hematide, a drug for anemia caused primarily by chronic kidney disease or chemotherapy. The drug is currently undergoing Phase II trials. Affymax signed a monster deal for Hematide with Takeda, getting $122 million upfront, $405 million in milestones, and substantial help in paying for development. We look at the company, its main drug and its finances...
