Genmab Shares Fall Most Since August as Medarex Sells Stake
By Frances Schwartzkopff
Jan. 29 (Bloomberg) -- Genmab A/S, the Danish biotechnology company whose shares surged yesterday on takeover speculation, fell the most in five months in Copenhagen trading after Medarex Inc. said it will sell 2.5 million shares.
Genmab dropped as much as 7.8 percent, and declined 19.5 kroner to 318.5 kroner at 9:38 a.m. local time. Goldman Sachs International is offering the stock to institutional investors outside of the U.S., the investment bank said in a statement today.
The price of Genmab's shares will be determined after the books have closed, and Princeton, New Jersey-based Medarex has agreed to keep its remaining shares in Genmab for a period of 90 days, Goldman Sachs said. Medarex holds 4.7 million Genmab shares, or about 11 percent, Helle Husted, Genmab's director of investor relations, said in a telephone interview. Medarex held 18.5 percent of Genmab shares on Dec. 31, 2006, according to Genmab's 2006 annual report.
Copenhagen-based Genmab rose 5 percent yesterday after a report in the London-based Times said Biogen Idec Inc. may make a takeover offer. |
