Sagent Pharmaceuticals (NASDAQ:SGNT) is a pharmaceutical company which sells injectable drugs. Sagent focuses on the generic injectable market in particular. In addition to selling and marking the drugs, Sagent also develops them and brings them through the Food and Drug Administration (FDA) approval process. With its first drug approved in 2007, Sagent has had an increasing number of drugs approved from then until is IPO.
Sagnet focuses on developing generic drugs and therefore uses the Abbreviated New Drug Application (ANDA) process with the FDA. This process consists of the approval of an existing drug but simply in its generic form. Because they are the generic form of an existing drug, the approval process generally does not require the preclinical (animal) and clinical (human) trials. Instead, they must demonstrate similarity to the existing drug. By going through the ANDA process, the rate of approval is far greater and the intensity of research is lower for Sagent. However, the company may only apply for an ANDA when the patent on the non-generic version has expired.
The company's initial public offering of stock on the NASDAQ occurred on April 19, 2011. The company offered 5.8M shares each for $16. This was at the high end of the initial price range of $14-$16. This brought the total deal size to $92M. The lead underwriters of the deal were Morgan Stanley (MS), Bank of America (BAC), and Jefferies Group (JEF).
For the full year 2010, Sagent reported a total revenue of $74M. This was a substantial increase over the total revenue of $29M in 2009. However, the company reported a net loss for 2010 of $24.5M.