Sugen Inc. said Tuesday that it completed its initial public offeringof 2.67 million shares at $7.50 per share, grossing about $20million. The Redwood, City, Calif., company netted about $18million from the offering.The offering included a direct placement of 1 million shares, for$7.5 million, to Zeneca Ltd., giving the London concern about 12.5percent of Sugen's 8 million shares outstanding. Morgan Stanley &Co. and Hambrecht & Quist Inc. managed the offering.Chris Gray-Smith, Sugen's chief financial officer, said the companyshould have funding to take it through 1995.Gray-Smith told BioWorld that Sugen is talking to a number ofcompanies, one of which is Zeneca, about potential oncologycollaborations. She would not discuss Zeneca's interest further.Zeneca, on March 31, originally registered to offer 2.25 millionshares at between $12 and $14 per share. An amendment filed Sept.2 proposed 2 million shares at $11.25 per share. And the finalamendment, on Sept. 20, included the Zeneca stake.Sugen is developing small-molecule therapeutics based oncomplementary receptor classes and their signaling pathways. Gray-Smith said Sugen expects to file an investigational new drugapplication by the end of the year for SU101, a platelet-derivedgrowth factor receptor antagonist, for brain and ovarian cancer.Sugen's stock (NASDAQ:SUGN) was unchanged Tuesday at $7.50per share. _ Jim Shrine
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