After buying big, Corange sells big
After most executives had left their offices for the weekend, Protein Design Labs (PDLI) announced late Friday that partner Corange International will sell one-third of its PDLI holdings - 750,000 shares of its 2.4 million share stake currently worth about $26 million - as part of a public offering by the biotech company, which concurrently will offer a follow-on of 2 million shares.
Corange took its stake as part of the companies' $206 million blockbuster deal in October 1993 to develop several of PDLI's humanized antibodies (see BioCentury Nov. 1, 1993). The pharma company invested $30 million through the purchase of 1.2 million PDLI shares at $25. In December 1994, Corange invested an additional $44.9 million by purchasing 1.23 million shares at $36.50. PDLI closed Friday at $35...