* Hybridon Inc., of Worcester, Mass., raised an additional $7.5million in conjunction with its January 1996 initial public offering(IPO) when underwriters Lehman Brothers, of New York, andParibas Capital Markets, of London, exercised their option to buy750,000 shares to cover overallotments. Sale of the shares increasedtotal gross proceeds from the IPO to $57.5 million. Total shares soldwere 5.75 million at $10 per share. (See BioWorld Today, Jan. 26,1996, p. 1.)
* Intercardia Inc., of Research Triangle Park, N.C., completed itsinitial public offering of 2.2 million shares for $15 per share, raisinggross proceeds of $33 million. The offering was managed byMontgomery Securities of San Francisco and Raymond James &Associates Inc., of St. Petersburg, Fla., who have an option topurchase 330,000 additional shares to cover overallotments.Intercardia is a majority owned subsidiary of Interneuron Pharmaceu-ticals Inc., of Lexington, Mass. (See BioWorld Today, Dec. 12,1995, p. 1.)
* Lynx Therapeutics Inc., of Hayward, Calif., said the company'sshareholders approved a 1-for-10 reverse split for all outstandingcommon and preferred stock.
* Protein Design Labs Inc., of Mountain View, Calif., said it receiveda milestone payment from partner Boehringer Mannheim Group, ofMannheim, Germany after a humanized monoclonal antibody againstinflammatory diseases demonstrated efficacy in a baboon model of anundisclosed human disorder. Protein Design Labs' SMART Anti-L-Selectin antibody binds to the L-Selectin adhesion molecule onneutrophils, preventing the white blood cells from migrating intotissues and causing damage. The companies did not reveal theamount of the milestone payment.
* Quintiles Transnational Corp., of Research Triangle Park, N.C.,said it signed a letter of intent to acquire PMC Contract ResearchAB, of Uppsala, Sweden. Quintiles has agreed to purchase all PMCstock for 273,000 Quintiles shares plus $1.3 million in cash. PMC isa contract research organization that manages clinical studies andconducts Phase I evaluations. The acquisition is expected to becompleted this quarter.
* Roche Bioscience, of Palo Alto, Calif., entered into a collaborationwith the Institute of Microbiology in Beijing and the ShanghaiInstitute of Organic Chemistry for drug discovery research aimed atpain and urinary tract disorders. Both institutes are part of theChinese Academy of Sciences. Financial terms were not disclosed.Roche Bioscience is a division of Syntex (USA) Inc., of Palo Alto, asubsidiary of Roche Holdings Ltd., of Basel, Switzerland.
* Schering-Plough Corp., of Madison, N.J., completed its $54.5million acquisition of Canji Inc., a San Diego gene therapy company.The takeover was announced in December 1995. (See BioWorldToday, Dec. 13, 1995, p. 1.)
(c) 1997 American Health Consultants. All rights reserved.