GLGC just completed a huge offering (biigest ever follow-on offering), taking good advantage of the gene-frenzy:
AITHERSBURG, Md., Feb. 2 /PRNewswire/ -- Gene Logic Inc. (NASDAQ:GLGC),
a leading provider of genomics information, today announced that it has
completed a $270 million follow-on offering of 4,830,000 shares of common
stock at $56.00 per share. The total includes the exercise of the
underwriters' overallotment option of 630,000 shares, 150,000 of which were
sold by certain stockholders of the Company. The gross proceeds to the
Company as a result of the offering were $262 million.
The offering was lead managed by ING Barings, and co-managed by Chase H&Q,
Robertson Stephens and Dain Rauscher Wessels.
The Company's net proceeds from the offering will be used to fund product
and technology development, to expand database product marketing efforts, to
provide working capital and for general corporate purposes, including possible
acquisitions.
Mark D. Gessler, Gene Logic's President and Chief Operating Officer said,
"The completion of this offering creates a very strong foundation for future
growth of the Company, further development of the GeneExpress(TM) database and
expansion of the marketing and sales organization."
According to Samuel E. Navarro, Global Head of Health Care Investment
Banking for ING Barings, "This transaction is the largest follow-on offering
of any independent biotechnology company in the history of the industry."
They didn't have a huge burn rate, so maybe they want to go shopping?Companies might have been reluctant to accept GLGC's charge card (stock), sensibly worrying that the present valuation wouldn't last. Now GLGC could pay part cash for a small company.
Hard to know where they would look - a friend suggested that they could follow in MLNM's footstep's with a LKST-like deal.
Peter |
