Celgene Corp., which has had tough luck timing its stock sales,on Tuesday said it raised $28 million in a 2 million-sharesecondary offering priced at $14.
The Warren, N.J., company has been burned twice this year byconditions in the stock market. Celgene shares were trading ashigh as $20.75 in the week before the market's slide on Nov.15. In May, the company shelved a planned 1.75 million-shareoffering, citing the crowded offerings market. At that time, thestock was trading at $10.38, having fallen from $11.88 on April8 when the company originally filed.
Shares of Celgene (NASDAQ:CELG), which is developing chiralchemical intermediates and biotreatment systems, closed down75 cents at $14 on Tuesday.
Underwriters Hambrecht & Quist and J.P. Morgan Securities Inc.have an overallotment option to buy 300,000 additional shares.
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