Reliant Pharma Sets IPO Terms

Reliant Pharmaceuticals Inc., a Liberty Corner, N.J.-based cardiovascular drug company, has set its IPO terms to 11.72 million common shares being offered at between $25 and $27 per share. It would have an initial market cap of approximately $1.4 billion, were it to price at the high end of its range. Reliant plans to trade on the NYSE under ticker symbol RRX, with Goldman Sachs and Merrill Lynch serving as co-lead underwriters.

This is the company's second swing for the IPO fences, having filed for a $300 million offering in early 2005, only to pull it several months later due to “unfavorable market conditions.” It has not raised any private funding since then, but previously had raised over $500 million from firms like Alkermes Inc., Bay City Capital, Invermed Associates, Morgan Stanley Private Equity, Goldman Sachs, Versant Ventures. www.reliantrx.com