Celgene Corp. said Tuesday it plans to withdraw its proposed1.75 million-share public offering.

Celgene common stock (NASDAQ:CELG) closed at $10.38 afterthe announcement, up 50 cents. The stock has fallen more than12 percent since closing at $11.88 on April 8, when Celgenefiled its offering.

"We looked at that price and felt it wasn't fair to ourstockholders," said Richard Holmes, chief financial officer of theWarren, N.J., company. Celgene's July 1987 initial publicoffering sold at $11.

"The market is highly heated, with a lot of companies in thepipeline (with offerings)," said Holmes. "We had to bob andweave among the crowd. We felt we weren't getting theattention we should on our road show." Holmes said Celgenehas sufficient cash to meet its near-term financial needs.

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