Monday, December 20, 1999
Ebb & Flow
After noticing that TriMark Holdings was actively purchasing its shares in the secondary market, Genzyme Transgenics (GZTC) turned that demand into a financing round. "They had been buying in the open market," said CFO John Green, "and we talked to them about increasing their position and we did that by utilizing the shares we had on the shelf." The developer of transgenic proteins ended up selling 450,000 shares to TriMark at $8 per share, bringing the fund's stake to 1 million shares (4.5 percent). TriMark now is GZTC's second largest shareholder behind Genzyme (GENZ), which owns 36 percent. GZTC sold an additional 235,000 shares to a second investor, The Special Situations Fund, bringing in a total of $5.5 million in the placement. GZTC closed Friday at $10.375, giving it a market cap of $232.4 million.
Chasing index buyers
Two U.K. companies are moving onto the London Stock Exchange this week in the hopes of capturing the attention of tech-oriented institutional investors. Antisoma (EASD:ASOM; LSE:ASM), which develops cancer therapies, is added a listing on LSE to its EASDAQ presence. SR Pharma (LSE:SPA), specializing in cancer and asthma, will graduate from the Alternative Investment Market (AIM), to the main exchange.