Successful IPO For Triangle Pharmaceuticals

The initial public offering of 4.2 million common stock shares in USfirm Triangle Pharmaceuticals was the single most successful biotechnology IPO in the difficult US financing environment of the past six months, according to Dillon, Read & Co, which was the book manager for the flotation.

Gross proceeds from the IPO were over $45 million and the after-market performance was more than 80%. Dillon, Read noted that Triangle was the only transaction which was increased both in size and price during the offering process.

Triangle intends to use the proceeds of the IPO to finance general corporate activities, including drug development programs, payment of license fees and other amounts to licensors and working capital.