Idec Pharmaceuticals Corp. has raised $45 million in an initialpublic offering of 3 million shares priced at $15 per share.
The La Jolla, Calif., developer of monoclonal antibody-baseddrugs increased its offering by 500,000 shares from thepreliminary prospectus, and sold the shares at the high end ofits $13 to $15 price range. After the offering, Idec has 8.4million shares outstanding.
Idec has four products in clinical trials. Specifid, its mostadvanced drug, is in Phase III trials to treat B-cell lymphoma.
Underwriters Montgomery Securities, Alex. Brown & Sons Inc.and Lehman Brothers have an option to purchase 450,000shares to cover overallotments.
Idec stock (NASDAQ:IDPH) closed Tuesday at $18.50.
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