PARIS - Underwriters of the initial public offering (IPO) of Transgène SA exercised in full their overallotment option for the purchase of an additional 197,100 ordinary shares in the form of American Depositary Shares (ADS) at the offer price of US$14.50 per ADS.

Each ADS represents one-third of an ordinary share, which was priced at FFr266.48. The IPO closed last month six days ahead of schedule. (See BioWorld International, March 11, 1998, p. 3.)

The Strasbourg-based gene therapy company's share issue was managed in the U.S. by Lehman Brothers, Crédit Suisse First Boston and BancAmerica Robertson Stephens, and in Europe by Lehman Brothers International, Crédit Suisse First Boston, BA Robertson Stephens International, Crédit Lyonnais and Lazard Capital Markets.

Following its listing on March 26, Transgène's shares went as high as FFr330, but fell back to FFr307 by April 9, the day the overallotment option was exercised. Transgène raised US$57 million in the IPO, plus another US$8.6 million from the underwriters. - James Etheridge