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Financings in Brief: Pharmacia & Upjohn

This article was originally published in The Gray Sheet

Executive Summary

Pharmacia & Upjohn: Plans to spin off part of its Biacore biosensor instruments business in an initial public offering of 5 mil. shares at $15-17 each. Pharmacia & Upjohn would sell 3.5 mil. of its Biacore shares -- reducing its stake in Biacore to about 49% -- and 1.5 mil. new Biacore shares would also be issued. The Sweden-based firm's shares would trade as American Depositary Shares on the NASDAQ exchange and also trade on the Stockholm Stock Exchange. Anticipated proceeds are estimated at $79 mil. If an overallotment option of 750,000 additional Biacore shares held by Pharmacia & Upjohn is exercised, Pharmacia & Upjohn's stake would be reduced to 41%. Goldman Sachs International, Hambrecht & Quist and Enskilda Securities are managing the offering...
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