ARTICLE | Financial News

Abgenix raises $453.6 million

February 11, 2000 8:00 AM UTC

ABGX topped the charts with the largest biotech follow-on since 1994, raising $453.6 million through the sale of 2.16 million shares at $210 per share. The hefty sum puts the developer of human monoclonal antibodies in front of Gene Logic (GLGC), which raised $262.1 million in a follow-on in January; Biovail (BVF), which raised $259.6 million in October 1999; and Celgene (CELG), which on Thursday raised $250.9 million (see BioCentury Extra, Feb. 10).

Cell Genesys (CEGE), which spun out ABGX in 1996, sold 840,000 ABGX shares in the offering, raising $176.4 million. CEGE now owns 2.6 million ABGX shares, or 12.5 percent of the company. ...