Partners to sell REGN stock

Regeneron (REGN) partners Procter & Gamble (PG) and Amgen (AMGN) will reduce their stakes in REGN, according to recent SEC filings. AMGN tucked 500,000 shares into an amendment to a previously filed REGN follow-on, which, if sold, would reduce AMGN's REGN ownership to 10.9 percent from 13.3 percent. REGN originally filed to sell 4 million shares in the follow-on on Jan. 25, when its price was $36.688. REGN closed Tuesday at $23.688. The amended offering has REGN selling 3.5 million shares and AMGN selling 500,000 REGN shares. REGN and AMGN are conducting clinical trials with Neurotrophin-3 to treat constipating conditions. In January, the companies discontinued development of BDNF to treat ALS due to a lack of efficacy in Phase II trials with subcutaneous or intrathecal administration (see BioCentury, Jan. 29). ...