Ark to attempt float as biotech waters calm?

UK-based biotechnology concern Ark Therapeutics is reportedly considering reviving plans to float on the London Stock Exchange after it aborted a bid to raise funds from the market early last year (Marketletter May 27, 2002).

Ark, the largest remaining privately-held biotechnology operation in the UK, had hoped to raise L30-L40 million ($43.5-$58 million) from a float in 2002 but backed down at the last minute, citing difficult market conditions.

However, a considerable amount of consolidation has taken place over the last 14 months in the UK sector and, while the climate is not entirely favorable for a public offering, conditions have certainly improved when compared with first-half 2002.