BioCentury on BioBusiness,
After buying big, Corange sells big
Monday, February 3, 1997
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.
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