Invitrogen
This article was originally published in The Gray Sheet
Executive Summary
Research tool kit maker plans secondary offering of 5 mil. shares of common stock, including 1.5 mil. shares to be offered by the company and 3.5 mil. shares from selling shareholders. Net proceeds will be used for general corporate purposes. The offering is being managed by Donaldson, Lufkin & Jenrette, Hambrecht & Quist, U.S. Bancorp Piper Jaffray, and Dain Rauscher Wessels. Separately, the San Diego firm plans to lay off 14% of its U.S. workforce, or about 45 employees, to eliminate duplication resulting from its August 17 merger with pre-cast electrophoresis gel supplier Novex (1"The Gray Sheet" June 21, In Brief)
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Invitrogen
Research tool kit maker prices secondary offering of 5.9 mil. shares at $25 per share. Larger than an originally planned 5 mil. share offering (1"The Gray Sheet" Sept. 27, p. 18), the financing consists of 2.4 mil. shares to be offered by the company and 3.5 mil. shares by selling shareholders. Of the $140 mil. in anticipated net proceeds, those going to the company will be used for "general corporate purposes." The deal is being underwritten by Donaldson Lufkin & Jenrette and co-managed by Hambrecht & Quist, U.S. Bancorp Piper Jaffray, and Dain Rauscher Wessels. The underwriters have an overallotment option for 885,000 additional shares
Invitrogen
Research tool kit maker prices secondary offering of 5.9 mil. shares at $25 per share. Larger than an originally planned 5 mil. share offering (1"The Gray Sheet" Sept. 27, p. 18), the financing consists of 2.4 mil. shares to be offered by the company and 3.5 mil. shares by selling shareholders. Of the $140 mil. in anticipated net proceeds, those going to the company will be used for "general corporate purposes." The deal is being underwritten by Donaldson Lufkin & Jenrette and co-managed by Hambrecht & Quist, U.S. Bancorp Piper Jaffray, and Dain Rauscher Wessels. The underwriters have an overallotment option for 885,000 additional shares
Invitrogen/Novex
Definitive stock-swap merger agreement valued at over $50 mil. would combine San Diego-based Novex, a supplier of pre-cast electrophoresis gels and related instruments, with Invitrogen, maker of research tool kits for gene cloning and protein expression, also based in San Diego. Combined annual revenues would exceed $50 mil. Invitrogen revenues were $31.4 mil. in 1998; net income was $3 mil. Novex generated revenues of $23.1 mil. for the fiscal year ended March 31, and net income of $1.1 mil. Acquisition of Novex is part of Invitrogen's strategy "to expand our leadership in providing products that accelerate gene discovery and analysis," the firm says