Applied Bioscience International Inc., a provider of biologicalsafety testing and clinical research services, has filed for asecondary offering of 4.5 million shares of common stock, ofwhich 3.3 million shares would be sold by stockholders and 1.2will be offered by the company.
In its announcement on Tuesday, the East Millstone, N.J.,company (NASDAQ:APBI) said the proceeds would beused to reduce long-term and short-term debt, for generalcorporate purposes and for possible future acquisitions.
The company's shares fell $1.88 to $16.75.
Shareholders from Pharmaco Dynamics Research Inc., whichmerged with Applied Bioscience in February, are selling 25percent of their holdings, and after the offering will have a 10percent equity stake. Shareholders from Environ International,which merged in September 1990, are selling 18 percent oftheir stock and will hold an 11 percent stake after the offering.
In addition to its life science services, Applied Bioscienceprovides environmental and agrichemical research, andanalytical and assessment services.
If the offering is completed, Applied Bioscience will have 28.7million shares outstanding. Underwriters Lehman Brothers,Hambrecht & Quist Inc. Kemper Securities Group Inc. andRaymond James & Associates Inc. have a 675,000-shareoverallotment option.
(c) 1997 American Health Consultants. All rights reserved.