¿ Albany Molecular Inc., of Albany, N.Y., said underwriters exercised their overallotment option associated with the company's secondary offering, purchasing an additional 615,000 shares from a selling shareholder. The offering was underwritten by a syndicate managed by Deutsche Banc Alex.Brown, Chase H&Q, CIBC World Markets, Prudential Vector Healthcare Group and FAC/Equities. Albany received no proceeds from the sale.
¿ Allergan Inc., of Irvine, Calif., established the terms of its zero-coupon convertible subordinated notes due Nov. 1, 2020. The notes will be sold for an issue price of $608.41 per $1,000 principal amount at maturity, representing a yield to maturity of 2.5 percent per year. Allergan will issue notes with an aggregate issue price of about $350 million.
¿ Amgen Inc., of Thousand Oaks, Calif., reported third-quarter earnings of 33 cents per share (29 cents after excluding a one-time gain) vs. 28 cents per share in the same quarter in 1999. Net income for the third quarter was $359 million, and total revenues were up 12 percent to $950 million. Sales in the third quarter were up 11 percent to $851 million, including $496 million in Epogen sales. Sales of Neupogen increased 13 percent to $353 million. Sales of those products in general were below investors' expectations. Amgen's stock (NASDAQ:AMGN) closed at $59.31 Friday, down $9.18, or 13.4 percent.
¿ Axonyx Inc., of New York, entered a common stock underwriting agreement with Ramius Securities LLC, of New York, providing Axonyx with the opportunity to issue and sell common stock over a two-year period. Axonyx could receive cash proceeds from sale of common stock under the agreement based on a formula equal to 97 percent of the volume-weighted average prices for specified days during a selling period, with the remainder paid to Ramius as a commission.
¿ Crucell NV, of Amsterdam, the Netherlands, priced its initial public offering of 8 million shares at EUR18 per share (US$14.89) for gross proceeds of EUR144 million (US$119.1 million.). Crucell was formed by the merger of IntroGene and U-BiSys in June, and the company's shares will trade on Euronext in Amsterdam and on the Nasdaq exchange under the symbol "CRXL."
¿ Genzyme Corp., of Cambridge, Mass., and Biomatrix Inc., of Ridgefield, N.J., filed an amendment to Genzyme's registration statement with the SEC for the planned formation of Genzyme Biosurgery, a combination of Biomatrix, Genzyme Tissue Repair and Genzyme Surgical Products' businesses. A joint proxy statement/prospectus will be mailed after the SEC declares the registration statement effective, and each company will hold a shareholder meeting to obtain approval for the creation of Genzyme Biosurgery.
¿ Helix BioPharma Corp., of Aurora, Ontario, said it closed its private placement for an aggregate of C$4.07 million (US$2.67 million) of special warrants. It has issued a total of 815,000 special warrants at C$5 each. Each special warrant entitles the holder to acquire one common share and one-half of one share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share for C$10 until April 4, 2002.
¿ Hemosol Inc., of Toronto, said it agreed with Baxter Biotech S.a.r.l., a subsidiary of Baxter Healthcare Corp., to purchase worldwide patents and intellectual property related to drug delivery technology. The agreement allows Hemosol to pursue the development of this technology, either by itself or in partnerships. Under the agreement, Hemosol will make cash payments to Baxter on a progressive basis, along with a 4 percent royalty on commercial sales arising from the development program.
¿ Inhale Therapeutic Systems Inc., of San Carlos, Calif., said the initial purchasers exercised their $30 million overallotment option associated with Inhale's offering of 3.5 percent convertible subordinated notes due in 2007. The overallotment option increases the aggregate principal amount of the notes to $230 million.
¿ Kos Pharmaceuticals Inc., of Miami, received exclusive commercialization rights to a gastric retention drug delivery system from developer Purdue Research Foundation, a division of Purdue University. Kos will use the delivery method to develop once-daily formulations of currently marketed pharmaceuticals that now require multiple doses due to poor absorption. The agreement includes undisclosed milestone payments and royalty payments based on future product sales.
¿ LactoFerrin Products Co., of Houston, entered a marketing agreement with Mannatech Inc. for exclusive worldwide distribution rights to a combination of immune-supporting agents including Prime Colostrum, a mucosal-delivery growth and repair factor containing product harvested from newborn hormone-free dairy cattle from Wisconsin. Financial terms were not disclosed.
¿ Medeva Pharmaceuticals Inc., a unit of Celltech Group, reported results of a Phase III trial of a modified- release formulation of methylphenidate hydrochloride for treatment of attention deficit hyperactivity disorder to the 47th Annual American Academy of Child and Adolescent Psychiatry meeting. Using Conners' Global Index, an assessment of 10 levels of behavior, researchers found an estimated mean improvement from baseline of 7.9 compared to 1.2 for placebo (p<.001). The randomized, double-blind, parallel-group, placebo-controlled study evaluated 314 children aged 6 to 15 in 32 centers.
¿ Molecular Biosystems Inc., of San Diego, rejected a purchase offer from Cel-Sci Corp., of Vienna, Va., for $14.3 million, saying a merger with Alliance Pharmaceutical Corp., of San Diego, is in shareholders' best interest. Alliance and MBI intend to go forward with the merger, valued at $10.4 million.
¿ Oxis International Inc., of Portland, named Joseph Bozman chairman of its board. Oxis is re-evaluating its earlier decision to divest its health care products business.
¿ Steroidogenesis Inhibitors International Inc., of Las Vegas, formed a subsidiary corporation called Samaritan Institute of Technology in anticipation of the completion of an undisclosed cooperative alliance. Steroidogenesis said the alliance, under discussion for several months, is nearing completion, and advised shareholders of the possibility.
¿ The Institute for Systems Biology, of Seattle, and the University of Massachusetts, Amherst, said they successfully sequenced the genome of Halobacterium NRC-1, a microbe believed to be key to understanding the mechanics of evolution. The project was completed by a consortium of 43 researchers from 12 universities in the U.S., Canada and the UK.