For some currencies, the Euro maybe slowed what would have otherwise have been a faster rate of descent.
Italy's Novuspharma prices IPO at €80
Cancer specialists to float on Nuovo Mercato
By Jesse Schulman, FTMarketWatch 4:06:00 PM GMT Nov 6, 2000
LONDON (FTMW) -- Italy's Novuspharma, a cancer drug research and development company, said it priced its initial public offering at €80 a share.
Trading is due to begin on Italy's Nuovo Mercato on November 9. Fifty-five percent of the company will be floated, a spokeswoman said.
The company says the IPO will consist of 2.5 million shares, of which 2.05 million are new. Industry sources said the remainder were being sold by the company's largest shareholder, Novuspharma Invest NV.
The company was founded in 1998 as a spin-off of Boehringer Mannheim, which was acquired by Roche.
Novuspharma has drugs in clinical testing against non-Hodgkin's lymphoma, stomach and prostate cancers, and is testing compounds it hopes may prove to be broad-spectrum anti-cancer agents effective against a wide range of solid tumours.
Fellow biotech Biosearch Italia [DE:940802] went public on the Nuovo Mercato in July, and its share price has subsequently risen by well over a third.
Jesse Schulman is Biotechnology Correspondent with FTMarketWatch in London. |
