Hyperion's IPO a model for biotech — and that's not all good

Hyperion Therapeutics Inc.’s planned $57.5 million IPO is a story of risk, potential reward and even a hint of desperation.
It is a familiar story of Bay Area biotech initial public offerings, which have been far and few between in the past couple of years. In fact, Hyperion’s back story is not very different from that of Novato’s Raptor Pharmaceutical Corp.: young company, improved drug, small patient population and, possibly, a product on the market by early next year.
But there are some twists and turns in Hyperion’s tale — including one that might catch the interest of federal antitrust investigators.