Centocor Inc. said Thursday that it will issue within the nextweek about $100 million principal amount of Euro-convertiblesubordinated debentures.
The debentures would be convertible into Centocor commonstock (NASDAQ:CNTO), which closed up 25 cents at $53.75 onThursday.
The Malvern, Pa.-based company opted for an offering in Europebecause it "has a large concentration of institutional holdersin the United States, and Europe is a largely untapped financialmarket for us," said spokesman Charles Cabot III.
The debentures, which will trade on the Luxembourg exchange,are not available to U.S. citizens.
The proceeds will be used to fund manufacturing and marketingcosts for the company's Centoxin drug for gram-negativesepsis, which has marketing approval in several Europeancountries and is awaiting final U.S. marketing authorization.
Centocor said the funds also could be used to develop otherproducts and to finance possible acquisitions.
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