Alkermes Inc.'s new president, Richard Pops, has wasted notime in taking advantage of the window for public stockofferings. On Friday, the Cambridge, Mass., company said it hasfiled for a 2 million-share initial public offering to be pricedbetween $11 and $13 per share.
In March, Pops told BioWorld that Alkermes probably would gopublic this summer after filing an investigational new drugapplication with the Food and Drug Administration for RMP-7,a molecule that transiently increases the permeability of theblood-brain barrier.
But in early April, said Chief Financial Officer Mike Landine, thecompany's board decided that given the strength of the marketand the company's fundamentals, "we should file an IPO post-haste."
Following the offering, Alkermes will have 7.5 million shares ofcommon stock outstanding. Underwriters Robertson, Stephens& Co. of San Francisco and J.P. Morgan Securities Inc. of NewYork have an option to purchase an additional 300,000 sharesto cover overallotments.
Alkermes has applied to trade on the NASDAQ exchange underthe symbol ALKS.
Ecogen Inc. last week also filed for a public offering of 3.2million common shares, including 150,000 to be sold by Jia NonEnterprise Co. Jia Non, Ecogen's Taiwan distributor, will hold200,000 shares after the sale. When the offering is completed,Ecogen will have 15.6 million shares of stock outstanding.
Dillon, Read & Co. Inc., Prudential Securities Inc. and Piper,Jaffray & Hopwood Inc., all of New York, are underwriting theoffering. Ecogen stock (NASDAQ:EECN) closed at $8.50 on Friday,down 25 cents. -- Karen Bernstein
(c) 1997 American Health Consultants. All rights reserved.