REGENERON'S STOCK PRICE DROPSStock of Regeneron Pharmaceuticals Inc. of Tarrytown, N.Y.,closed at $18.25 on Wednesday, a 17 percent drop fromTuesday's initial public offering price of $22. Regeneron(NASDAQ:REGN) grossed $99 million in the second-largestbiotech IPO ever, but analysts rated the offering assignificantly overpriced.
XOMA RAISES $79.5 MILLION IN OFFERING
Xoma Corp. of Berkeley, Calif., on Wednesday said it completeda previously announced public offering of 3 million shares ofcommon stock at $26.50 per share, raising $79.5 million, lessunderwriting fees. Underwriters Alex. Brown & Sons Inc.,Lazard Freres & Co., Lehman Brothers and Vector SecuritiesInternational Inc. have an option to purchase an additional450,000 shares to cover overallotments.
ISK TO DISTRIBUTE ECOGEN'S CUTLASS IN MEXICO
Ecogen Inc. of Langhorne, Pa., on Tuesday said it has enteredinto an agreement with ISK Biotech Corp. to distribute Ecogen'sCutlass, a Bacillus thuringiensis insecticide, in Mexico. ISK hasMexican regulatory approval to sell Cutlass in Mexico, whichEcogen said could be a $30 million market annually.
XYTRONYX ADOPTS PLAN TO AVOID TAKEOVER
Directors of Xytronyx Inc. of San Diego on Wednesday adopteda "poison pill" stockholder rights plan designed to prevent ahostile takeover.
The plan would be triggered by an investor's acquiring 15percent of Xytronyx's outstanding stock (AMEX:XYX).Stockholders would then receive rights to purchase shares of anew class of preferred stock at a substantial discount. Xytronyxsaid it has no indication that any hostile takeover is planned..
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