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Biotech / Medical : Biotech Valuation

CRSP 53.19

-1.4%

Dec 30 3:59 PM EST

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To: tnsaf who wrote (1848)	10/18/2000 9:15:16 PM
From: Biomaven	Read Replies (2) of 52153

On the financing side, MLNM just completed raising $800 million, and IMNX has this massive $3 billion shelf offering under way: Immunex Corporation Commences Equity Offering of 60 Million Shares Under Its Shelf Registration SEATTLE, Oct. 18 /PRNewswire/ -- Immunex Corporation (Nasdaq: IMNX - news) announced today the commencement of an equity offering of 60 million shares of its common stock, under the shelf registration statement previously filed. Immunex will offer 20 million newly-issued shares of common stock in the offering, while American Home Products Corporation (NYSE: AHP - news) will offer 40 million shares from its existing holdings of Immunex common stock. In addition, American Home Products has granted the underwriters an option to purchase up to 9 million shares to cover over-allotments A shelf offering by the way, for those not familiar with the term, means they can dribble the stock out as they see fit over up to a two year period. In reality I expect them to complete it much more quickly, but I'm not sure what damage it will do to upper tier biotechs in the process. Peter

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