BioChem Pharma Inc. has filed for a secondary offering of up to3.5 million shares of common stock, the company said onMonday.
The Laval, Quebec, company (NASDAQ:BCHXF) has focused onthe development of products for AIDS and cancer. In 1990,BioChem formed a 50-50 joint venture with Glaxo Canada Inc.to develop therapeutics to treat cancer and viral diseases. Thecompanies are developing an anti-AIDS nucleoside drug, 3TC,and a family of anthracycline analogs to treat cancer.
Earlier this month, BioChem announced it is adding a newproduct development area, through a collaboration with theBiotechnology Research Institute of the National ResearchCouncil of Canada, to develop cardiovascular compounds. BRIhas discovered a hirudin derivative, P-79, that has shown anti-thrombotic effects in animal trials. Hirudin is an anti-coagulantprotein found in the saliva of the medicinal leech.
Prior to the offering, BioChem has about 40 million sharesoutstanding. Of the shares offered, half will be offered in theUnited States. The U.S. portion will be underwritten by MorganStanley & Co. Inc. and Tucker Anthony Inc. Outside of the U.S.,Kleinwort Benson Ltd. and Morgan Stanley International areunderwriters. The underwriters have a 525,000-shareoverallotment option.
The company's stock closed at $28, down 25 cents. -- KB
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