Riding the bull market for biotech stocks, Immunex Corp. onThursday said it completed a previously announced publicoffering of 2 million shares of common stock at $53.50 pershare. Last November, Seattle-based Immunex (NASDAQ:IMNX)sold a 1.5 million share offering for $23 a share.
Biotech companies continue to enter the favorable capitalmarket. Also on Thursday, Liposome Technology Inc. said it hasentered into a letter of intent for a private placement worth$8.75 million. It was the third stock offering announced thisweek by a biotechnology company.
Calgene Inc. (NASDAQ:CGNE) of Davis, Calif., on Wednesday filedfor a public offering of 4 million shares of common stock. OnTuesday, Enzon Inc. (NASDAQ:ENZN) of South Plainfield, N.J.,filed for a public offering of 2.5 million shares of commonstock.
LTI's lead investor is Morgan Investment Corp. of New York.The total placement will be 1.25 million units at $7. The unitsconsist of two shares of common stock and a six-year warrantto purchase one additional share at $4.25 per share. If theoffering is completed, LTI (NASDAQ:LTIZ) of Menlo Park, Calif.,will have 11.8 million shares outstanding.
New York investor David Blech, who holds 3.2 million shares ofLTI stock, has agreed not to purchase additional shares and togrant to management an irrevocable proxy to vote his sharesfor a five-year period. Following the offering, Blech's stake inLTI will fall from 35 percent to 27 percent.
The Calgene offering will be underwritten by PaineWebberInc., which has an option to purchase an additional 600,000shares through an overallotment. Enzon underwriters MorganStanley & Co. of New York and Robertson, Stephens & Co. of SanFrancisco have an option to buy an additional 375,000 shares.
-- Karen Bernstein BioWorld Staff
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