Synageva BioPharma Corp. (GEVA) completed an underwritten public offering of 3.16 million shares of its common stock. The company raised approximately $179 million by offering the shares at $56.63 per share. The offering was inclusive of an option granted to underwriters to purchase an additional 412,500 shares of Synegeva’s common stock.
We believe that Synageva, a company focused on the development and commercialization of therapeutics products for treating patients suffering from rare life-threatening diseases, will use the funds for the development of its pipeline.
The company’s interesting pipeline candidates include sebelipase alfa and SBC-103. Sebelipase alfa and SBC-103 are enzyme replacement therapies being evaluated for the treatment of lysosomal storage diseases.
Synageva is developing sebelipase alfa for the treatment of early onset of lysosomal acid lipase deficiency (LAL deficiency), also known as Wolman disease. The candidate is currently in a randomized, double-blind, placebo-controlled phase III study, ARISE. The company expects to complete patient enrollment in this study in 2014.
In May 2013, Synageva received breakthrough therapy designation from the U.S. Food and Drug Administration for sebelipase alfa for the treatment of LAL Deficiency.
The company’s other notable pipeline candidate isSBC-103.The candidate is being evaluated for mucopolysaccharidosis IIIB (MPS IIIB), also known as Sanfilippo B syndrome. The company intends to start clinical studies on SBC-103 during the first half of 2014.
Synageva carries a Zacks Rank #3 (Hold). Companies that currently look well-positioned include Actelion Ltd. (ALIOF) with a Zacks Rank #1 (Strong Buy), and Jazz Pharmaceuticals (JAZZ) and Sarepta Therapeutics, Inc. (SRPT) with a Zacks Rank #2 (Buy).