The underwriters in Regeneron Pharmaceuticals Inc.'ssecondary stock offering have exercised their options topurchase an additional 390,000 shares of newly issued stock(NASDAQ:REGN).
This brings to almost 3 million the total number of shares soldat $14.75 per share, grossing proceeds of $44.1 million forRegeneron of Tarrytown, N.Y.
Dillon, Read & Co. Inc., Lehman Bros. and MontgomerySecurities acted as co-managers of the offering, which wasoversubscribed, according to Larry Bloom, a Dillon, Readresearch analyst.
Regeneron said it intends to use the net proceeds from theoffering for working capital and general corporate purposes.
The stock closed Tuesday at $16 a share, down 38 cents.
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