BioCentury
ARTICLE | Top Story

AHP, Immunex sell $2.8 billion follow-on

November 10, 2000 8:00 AM UTC

IMNX raised $795 million through the sale of 20 million shares at $39.75, while its partner American Home Products sold an additional 50 million IMNX shares, raising $2 billion in a deal managed by Morgan Stanley Dean Witter; Merrill Lynch; Credit Suisse First Boston; Lehman Brothers; Banc of America Securities; Bear Stearns; and Robertson Stephens. AHP will offer the 10.5 million-share overallotment, which if sold, would reduce to 41 percent from 43 percent AHP's ownership in IMNX. AHP's sale was part of strategy to help IMNX it maintain an independent, entrepreneurial path by reducing the pharma company's stake to a minority position (see BioCentury, Aug. 14). Earlier this month, AHP had converted a $450 million convertible subordinated note into IMNX stock (see BioCentury, Nov. 7). The companies had filed to sell the offering on Oct. 18, when IMNX's stock was $43.813. ...