for commentary re. Tularik, its projects, competititors, etc......
Friday October 15, 7:29 pm Eastern Time
Drugmaker Tularik files to raise $69 mln in IPO
WASHINGTON, Oct 15 (Reuters) - Tularik Inc., a company seeking to develop drugs to
treat cancer, diabetes and other diseases, filed Friday with regulators to raise about $69
million in an initial public offering.
The company, based in San Francisco, research and develop drugs to treat cancer, bacterial
diseases, obesity, inflammation and immune disorders.
Tularik plans to sell 6.25 million shares in a projected range of $11-$13 per share in the IPO, according to the prospectus filed
with the Securities and Exchange Commission.
The company expects to raise an estimated $69.25 million in net proceeds in the IPO which it plans to use for research and
development as well as general corporate purposes.
The company has established and said it plans to continue to pursue collaborations with selected pharmaceutical and
biotechnology companies, including Merck and Co. Inc. (NYSE:MRK - news) and Knoll Inc. (NYSE:KNL - news), among
others.
The drugs it produces would have to receive approval from the U.S. Food and Drug Administration before commercial use, the
company said.
Tularik had $11.9 million in research and development revenue during the first six months of 1999 and posted $9.8 million in
net losses, the filing said.
After the offering, there will be about 41.3 million shares outstanding in the company, according to the filing.
David Goeddel, 48, has been the company's chief executive officer since April 1996 and helped found the company in 1991.
The underwriters, Lehman Brothers, Hambrecht & Quist, J.P. Morgan & Co. and Warburg Dillon Read LLC, have been
granted 937,500 extra shares in the event of heavy demand.
The company has applied to sell its shares on Nasdaq under the symbol ''TLRK.'' |
