Eagle, whose IPO would be the first in
At the midpoint of the proposed offering range, Eagle would command a market value of
Eagle's products focus on critical care and oncology, according to
The company's hoped-for IPO comes as the stock market tries to regain the momentum from 2013, when it climbed to a record. The market staggered out of the gate this year, with the Standard & Poor 500 down more than 3.5 percent last month, its worst January performance in four years.
The climate for public biotechnology and biopharmaceutical companies, in particular, has been spotty in recent months, said
So far this year, 14 of the 28 IPOs completed have been biotech companies, said IPO investment advisory firm
Most of these IPOs have been priced below the midpoint of the range and insiders/venture backers have purchased shares in public offerings to get the deals done, Renaissance said. As a result of this discounting and insider purchasing, the biotech IPOs have shown large first-day gains, averaging 29.8 percent. Eagle was to be one of three biotech IPOs pricing on Tuesday.
Despite the volatile market, Fitzgibbon said moving up Eagle's IPO by a day and indications of investor interest are positive |for the company.
"Insiders have placed indications of interest in buying up to
"They have some things going for them; the deal being accelerated from Wednesday is a good sign," he added.
Eagle was founded in 2007 and has 20 employees, according to Bloomberg Newsweek. The company's chief executive officer,
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