Immunex Offering Priced at $39.75 Per Share
Biopharmaceutical company Immunex (IMNX) said Friday its public offering of 70 million common shares has been priced at $39.75 a share.
The stock sale will raise about $2.7 billion for Immunex and its partner, American Home Products (AHP).
Of the shares offered, 20 million are newly issued by Immunex. American Home Products will offer 50 million shares from its holdings of Immunex common stock, as well as offer underwriters an over-allotment option of up to 10.5 million additional shares.
Immunex will not receive any proceeds from the sale of shares by American Home Products.Immunex says it will use its share of the proceeds to finance expansion of its manufacturing capacity and build a new research and technology center in Seattle. The funds may also go towards acquiring other businesses, products and technologies. Shares of Immunex were recently climbing 1.42%, or 56 cents, to $40.38 in Nasdaq trading Friday, while American Home Products gained 0.52%, or 31 cents, to $60 in New York Stock Exchange trading.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV