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Endogen

This article was originally published in The Gray Sheet

Executive Summary

Begins trading on the NASDAQ market following the acquisition of Diagnostics Holding Corporation's outstanding stock in exchange for approximately 1.2 mil. shares of Endogen common stock. As a result of the transaction, the manufacturer of research products and immunoassay test kits adds to its cash reserves $3.1 mil. that DHC possessed at the time of the transaction. Endogen says in a March 19 release that the DHC purchase allows the firm "to accelerate...internal growth and to pursue possible acquisitions of companies or product lines in the research products and niche diagnostics fields." DHC was formed as part of a reorganization involving Recordati and Recordati's majority- owned subsidiary, Leeco Diagnostics ("The Gray Sheet" Dec. 21, p. 16). As a result of the merger with Endogen, Leeco shareholders other than Recordati own approximately 47% of outstanding Endogen common shares, which total approximately 2.6 mil.
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