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Invitrogen

This article was originally published in The Gray Sheet

Executive Summary

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

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Invitrogen

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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