Lilly's Guidant
This article was originally published in The Gray Sheet
Executive Summary
Holding company for five Lilly device firms begins trading Dec. 14 on the New York Stock Exchange. The firm's initial public offering price of $14.50 per share was less than the $15.50 to $17.50 range the company had projected in a registration statement filed in September ("The Gray Sheet" Sept. 19, p. 3). Guidant cited the volatility of the overall market and sluggish recent sales of new issues as reasons for the lower price. The 12.4 mil. shares of stock being offered represents about a 20 percent stake of Guidant; Lilly retains the remaining 80 percent. The offering will net Guidant about $167.1 mil., slated for the reduction of debt and repayment to Lilly for purchase of "certain international assets." Underwriters Morgan Stanley & Co., Goldman Sachs International, Merrill Lynch International Limited, and J. P. Morgan Securities, Ltd. retain an over-allotment option for 1.9 mil. additional shares
You may also be interested in...
Boehringer Ingelheim Overtakes Bayer As Germany’s Biggest Pharma Company
The privately-owned company is searching for a successor to Jardiance, while the outcome of US Inflation Reduction Act talks on price cuts to the blockbuster will be revealed in September.
Synthekine Joins Quest To Tame IL-2 In Cancer Therapies
First clinical data from Synthekine’s IL-2 candidate and that ofrivalsMedicennawere presented at the AACR, suggesting there’s life in the modality yet.
Swisse Supplements Take Bigger Slice Of Chinese Market
Australian-heritage Swisse grew its share of China's supplements market in 2023 by delivering tailored products to an increasingly health conscious population.