Seragen Inc. said Tuesday that it has filed for an initial publicoffering of 3 million shares of common stock with a proposedprice of $17 and $20 per share.
Seragen, which has no corporate partners, is developing drugsbased on fusion toxins. Fusion toxins consist of fragments oftoxin linked to ligands that target specific cell surfacereceptors. The company's interleukin-2 fusion toxin is in PhaseII trials for cutaneous T cell lymphoma and for severerheumatoid arthritis.
The company has applied to trade on NASDAQ under thesymbol "SRGN."
Of the shares being offered, 2.4 million will be offered in theUnited States by Goldman, Sachs & Co. and Kidder, Peabody &Co. Inc., and 600,000 are being offered internationally byGoldman Sachs International Ltd. and Kidder, PeabodyInternational Ltd.
The Hopkinton, Mass., company will have 12 million sharesoutstanding. The underwriters have a 450,000-shareoverallotment option. -- KB
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