Codexis files for Initial Public Offering

Codexis, a US developer of biocatalysts, has filed for a US$100m initial public offering with the US Securities and Exchange Commission.

Credit Suisse Securities (USA) and Goldman, Sachs & Co will be acting as joint managers, with RBC Capital Markets Corporation and Pacific Crest Securities acting as co-managers for the offering. No date has as yet been set for the IPO.

Codexis said it would use the funds from the IPO to fund working capital and corporate activities, potentially including acquisitions or increasing its production capacity.

The company develops technology that is used to create biocatalysts for the pharmaceutical industry and is developing biocatalysts for use in producing advanced biofuels. The company is also using its technology to pursue biocatalyst-enabled solutions in other markets, including carbon management, water treatment and chemicals.

Biotechnology firm Maxygen formed Codexis in 2002 in Redwood City, California. Maxygen holds around 22% of the company.

Codexis has formed a multi-year research and development collaboration with Netherlands oil giant Royal Dutch Shell, which provides the majority of its revenue and holds a 20% stake in the company.

Codexis made a previous IPO filing in April 2008, but pulled back from it in September that year owing to "current public market conditions". In its original filing, Codexis said it had planned to use the funds raised from the IPO for working capital, general corporate purposes, and potential acquisitions.