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U.S. biotech Codexis files for $100 million IPO



Mon Dec 28, 2009 7:33pm EST
NEW YORK (Reuters) – U.S. biotechnology company Codexis Inc filed for an initial public offering of up to $100 million on Monday.
The company provides enzymes and microbes that make industrial processes cleaner and faster.

Its pharmaceutical products are used by drugmakers including Merck & Co Inc (MRK.N), Pfizer Inc (PFE.N) and Dr Reddy’s Laboratories Ltd (REDY.BO).

Codexis said it is also working with Royal Dutch Shell (RDSa.L) on biofuel products, and is pursuing the carbon management, water treatment and chemical industries.

Codexis is one of a passel of green technology companies expected to go public this year.

California solar company Solyndra earlier this month filed with the U.S. Securities and Exchange Commission for an IPO of up to $300 million.

Smart grid networking company Silver Spring Networks and electric car maker Tesla have also been eyed as likely candidates for IPOs.

Codexis reported product revenue of $13.4 million in the nine months ended September 30, up from $10.8 million in the same period a year ago. The company reported a net loss of $15.1 million, narrower than its $38.8 million loss from a year ago.

Shareholders include Maxygen Inc, Biomedical Sciences Investment Fund, and funds associated with Shell, CMEA Ventures, FirstMark Capital and CTTV Investments.

The Redwood City, California-based company plans to list on the Nasdaq under the symbol “CDXS.” It said it will use proceeds from the offering for working capital and general corporate purposes.

Credit Suisse and Goldman Sachs are set to lead the underwriting syndicate on the deal.

(Reporting by Clare Baldwin; Editing by Steve Orlofsky)


Equilon Enterprises LLC, d.b.a. Shell Oil Products US, and tied to Royal Dutch Shell (NYSE: RDS-A) is also listed as a top holder with 19.95% of the company prior to this offering.

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