Protein Design Labs Inc. on Wednesday said it has raised $52.5million in its initial public offering of 3.5 million shares ofcommon stock priced at $15 per share.
The Mountain View, Calif., company sold 1 million more sharesthan anticipated in the preliminary prospectus, and the pricewas raised from the proposed range of $10 to $12. Thecompany's stock (NASDAQ:PDLI) closed unchanged at $15.13 onWednesday.
PDL is engaged in the computer-based design of proteins,primarily monoclonal antibodies to treat diseases includingviral infections, autoimmune diseases and cancer.
PDL's first product, a humanized antibody to the interleukin-2receptor for treating organ transplant rejection andautoimmune diseases, has been licensed to Hoffmann-La Roche.Roche began patient enrollment in December for Phase I trials.
After the offering, PDL has 12.8 million shares outstanding.Underwriters Merrill Lynch & Co. and Cowen & Co. have a525,000-share overallotment option.
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