The underwriters of Cephalon's recently completed publicoffering have exercised their option to purchase 495,000shares of the West Chester, Pa., company's common stock tocover overallotments. The offering, which was closed lastWednesday, was managed by Cowen & Co., Hambrecht & QuistInc. and Robertson, Stephens & Co.
With the purchase of the overalloted shares, Cephalon's grossproceeds have risen to $56.9 million. The company will netapproximately $53.2 million from the placement. It initiallysold 3.3 million shares at $15 per share.
Cephalon's stock (NASDAQ:CEPH) closed at $15.75 on Friday,down 50 cents. -- Karl Thiel
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