Sepracor Inc. said Thursday that it has filed for an initialpublic offering of 3.25 million shares of stock with a proposedprice range of between $8 and $9 per share. Of these shares,2.5 million are being offered by the Marlborough, Mass.-basedcompany itself and 735,294 shares are being offered bystockholders who received shares in connection withSepracor's acquisition of IBF in July.
IBF is a French company controlled by the Rhone-Poulenc Group.As a result of the acquisition, Rhone-Poulenc became aminority shareholder in Sepracor. Other corporate shareholdersinclude American Cyanamid, SmithKline Beecham, Raytheon andMitsubishi Corp.
Sepracor is developing pure isomers, chemical compounds thatare mirror images of each other. The company has filedinvestigational new drug applications with the Food and DrugAdministration for S-Atenolol, a pure isomer form of a widelyused beta blocker for hypertension, and flurbiprofen to treatgingivitis.
Underwriters for the offering are Lehman Brothers, Robertson,Stephens & Co. and Smith Barney.
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