Affymax Sets IPO Terms

Affymax Inc., a Palo Alto, Calif.-based drug development company, has set its proposed IPO terms to 3.5 million common shares being offered at between $22 and $24 per share. It plans to trade on the Nasdaq under ticker symbol AFFY, with Morgan Stanley serving as lead underwriter. Affymax has raised around $160 million in VC funding since its 2001 inception, from firms like Apax Partners, MPM Capital, Sprout Group, Jafco, Bear Stearns Health Innoventures and Bessemer Venture Partners.