ImmuLogic Pharmaceutical Corporation (A): March 1991

Josh   Lerner

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Case | HBS Case Collection | October 1992 (Revised November 1997)

ImmuLogic Pharmaceutical Corporation (A): March 1991

by Josh Lerner

Abstract

ImmuLogic Pharmaceutical Corp., a development-stage biotechnology company, is considering making an initial offering of common stock. The diverse perspectives of the entrepreneur, venture capitalist, investment banker, and institutional investor are explored. Problems of valuation are highlighted. The challenges posed by "windows" for public offerings are considered.

Keywords: Decisions; Entrepreneurship; Venture Capital; Banks and Banking; Initial Public Offering; Going Public; Perspective; Valuation; Biotechnology Industry; Pharmaceutical Industry;