Regulus Therapeutics Inc., founded by
Alnylam Pharmaceuticals
(
ALNY
) and
Isis Pharmaceuticals, Inc.
(
ISIS
), recently announced the pricing of its initial public offering.
The company offered 11.3 million of its common stock at $4.00 per
share.
In order to cover over allotments, the underwriters have been
granted a 30-day option by Regulus to buy another 1.7 million
shares at initial public offering price.
In August this year, Regulus announced the filing of a
registration statement with the US Securities and Exchange
Commission (SEC) regarding its proposed initial public offering of
its shares.
In its filing with the SEC, Regulus indicated that
Sanofi
(
SNY
), Isis Pharma and
GlaxoSmithKline
(
GSK
) have shown an interest in buying Regulus's common stock worth up
to $10 million, $2 million and $2 million, respectively, at the
initial public offering price. In a separate private placement,
AstraZeneca
(
AZN
) agreed to buy $25.0 million worth of Regulus's common stock at
the initial public offering price.
In September 2007, Alnylam and Isis Pharma joined forces to
establish Regulus, a company focused on microRNA (mRNA)
therapeutics. In October 2010, Sanofi made an equity investment in
the company. As of June 30, 2012, Regulus was jointly owned by
Alnylam (45%), Isis Pharma (46%) and Sanofi (9%).
Regulus is evaluating microRNA therapeutics in several areas
including oncology, fibrosis, hepatitis C virus infection, multiple
sclerosis and atherosclerosis. The company has collaborated with
several companies including Glaxo, Sanofi, AstraZeneca and
Biogen Idec
(
BIIB
) for microRNA therapeutics.
Our Recommendation
Currently, we have a Neutral recommendation on both Isis Pharma
and Alnylam. Both stocks carry a Zacks #3 Rank (short-term Hold
rating).
ALNYLAM PHARMA (ALNY): Free Stock Analysis
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ASTRAZENECA PLC (AZN): Free Stock Analysis
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BIOGEN IDEC INC (BIIB): Free Stock Analysis
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GLAXOSMITHKLINE (GSK): Free Stock Analysis
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ISIS PHARMACEUT (ISIS): Free Stock Analysis
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SANOFI-AVENTIS (SNY): Free Stock Analysis
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