Serologicals raises $127m in follow-on offering:
This article was originally published in Clinica
Nasdaq-listed Serologicals has raised $126.8m in a public offering of shares that it expects will yield net proceeds to the company of $91.4m. Shares were also sold by stockholders, who will receive proceeds of around $29.7m. The company, which provides biological products to life science companies and institutions and runs the world's highest-volume production plant for monoclonal antibodies for use in diagnostics, says the proceeds may be used for strategic acquisitions. Approximately $80m will be used to repay debt, however. In October, Atlanta, Georgia-based Serologicals acquired Upstate Group, a maker of drug screening and drug target validation products, for $205m.