Elan's Athena Diagnostics files U.S. IPO
Wednesday October 31, 7:06 pm Eastern Time
biz.yahoo.com
(UPDATE: Adds details from prospectus, Elan's closing stock price)
WASHINGTON, Oct 31 (Reuters) - Athena Diagnostics Inc., a subsidiary of Elan Pharmaceuticals Inc., on Wednesday filed with U.S. regulators for an initial public offering of as much as $119.7 million in common stock.
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The Worcester, Massachusetts-based company did not say in a prospectus filed with the U.S. Securities and Exchange Commission what stake Elan, an indirectly-owned subsidiary of Irish drugmaker Elan Corp. (NYSE:ELN - news) , would hold after the offering.
The prospectus did not say when the IPO would be sold or disclose the size and price of the planned offering. Those details are expected in future filings.
Athena, which provides neurological testing services, said it will not receive any proceeds from the sale of any shares, which will be sold by its parent company.
It said its testing services help detect mutations in the genetic code responsible for causing Huntington's disease and certain forms of mental retardation as well as help diagnose Alzheimer's disease.
The sole underwriter for the IPO is UBS Warburg.
According to the preliminary prospectus, net income in 2000 rose to $5 million from $3.2 million in 1999. Revenues for 2000 were $30.7 million, compared with $24.3 million in the previous year.
The company has applied to trade its shares on the New York Stock Exchange under the symbol ``DXL.''
The $119.7 million figure cited in the filing was done merely to calculate the SEC registration fee, the company said.
Elan Corp.'s shares closed 57 cents higher at $45.65 on the New York Stock Exchange, having traded within a 52-week range of $41.55 and $65. |
