Eurand Prices IPO

Eurand NV, a Dutch drug company whose lead product treats exocrine pancreatic insufficiency, priced 7 million ordinary shares at $16 per share ($17-$19 range), for an IPO take of approximately $112 million. It began trading on the Nasdaq under ticker symbol EURX, and closed down $0.56 per share, or 3.5 percent. Deutsche Bank Securities and Lehman Brothers served as co-lead underwriters. Eurand was formed in 1999, when Warburg Pincus acquired the drug delivery business of American Hone Products Corp. (now Wyeth). It reported 2006 revenue of approximately $109 million.