Hi Bennett, here is the news in the wire today.
Dow Jones News Service ~ April 16, 1997 ~ 5:22 pm EST
NEW YORK (Dow Jones)--Idec Pharmaceuticals Corp. (IDPH) fell more than
10% Wednesday after a former research-and-development partner sold a portion of its shares, according to a senior vice president.
The partnership - with Merrill Lynch & Co. and Morgan Stanley & Co. - was set up to develop the company's lead product for non-Hodgkin's lymphoma, called IDEC-C2B8, said Bill Rohn, senior vice president for commercial operations. The company filed for approval of the drug at the end of February and expects a
Food
and Drug Administration panel review sometime this summer.
Biotech companies frequently set up financing vehicles, sometimes with partnerships, to fund individual research projects. Typically, the companies
buy out
the partnerships if the projects are successful.
Two years ago, Idec bought out Merrill Lynch and Morgan Stanley, giving them preferred stock. That converted recently to 1.3 million shares of common stock.
It appears as if the partnership was selling a portion of its holdings
Wednesday, said
Rohn.
On the Nasdaq, the stock closed at 18, down 2 1/8, or 10.6%, on 1.12 million shares, compared with average daily volume of 321,400.
Have a nice evening. |
