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Financings in Brief: Centocor Diagnostics

This article was originally published in The Gray Sheet

Executive Summary

Centocor Diagnostics: Postpones initial public offering due to adverse market conditions. Parent firm Centocor, Inc. announced plans in October to spin-out shares in its Centocor Diagnostics subsidiary via an IPO of up to $40 mil. in Class A common stock ("The Gray Sheet" Oct. 27, I&W-3). Proceeds from the offering would go towards Centocor Diagnostics' cardiovascular diagnostic program, working capital, R&D and general corporate purposes. Morgan Stanley Dean Witter and Credit Suisse First Boston were to manage the offering...

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