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Biotech Firms Hit Their Stride : Pharmaceuticals: Sales may reach $4 billion by 1993. A more mature industry will smooth the wild fluctuations in company fortunes and stock prices.

March 17, 1991|CHRIS KRAUL | SAN DIEGO COUNTY BUSINESS EDITOR

BIOTECH HITS THE MARKET Biotechnology firms have completed or filed notice of securities offerings totaling about $800 million so far this year, nearly double the $450 million raised in all of 1990. Here is a sampling.

Shares filed Company Filing Date (in millions) Calgene March 13, 1991 4.0 Davis, Calif. California Feb. 22, 1991 2.5 Biotechnology Mountain View, Calif. Centocor Dec. 7, 1990 * Malvern, Penn. Chiron March 6, 1991 2.4 Emeryville, Calif. Gensia Feb. 12, 1991 2.0 Pharmaceuticals San Diego Genzyme March 8, 1991 3.0 Cambridge, Mass. Immunex March 6, 1991 2.0 Seattle ImmunoGen Feb. 13, 1991 1.6 Cambridge, Mass. Liposome Co. Feb. 19, 1991 3.0 Princeton, N.J. Regeneron Feb. 20, 1991** 3.0 Tarrytown, N.Y. Synergen Feb. 25, 1991 2.25 Boulder, Colo. Xoma Feb. 26, 1991 3.0 Berkeley

Value of offering Company (est. in millions $) Calgene $32.0 Davis, Calif. California $36.0 Biotechnology Mountain View, Calif. Centocor $106.6 Malvern, Penn. Chiron $134.0 Emeryville, Calif. Gensia $33.0 Pharmaceuticals San Diego Genzyme $100.0 Cambridge, Mass. Immunex $107.0 Seattle ImmunoGen $22.0 Cambridge, Mass. Liposome Co. $30.0 Princeton, N.J. Regeneron $50.0 Tarrytown, N.Y. Synergen $75.0 Boulder, Colo. Xoma $90.0 Berkeley

* Convertible subordinated notes. ** Initial public offering. Sources: IDD Information Services, Medical Technology Stock Letter, BioWorld Today, company sources

For the Record
Los Angeles Times Tuesday March 19, 1991 Home Edition Business Part D Page 2 Column 5 Financial Desk 2 inches; 40 words Type of Material: Correction
Immunex Drug--A chart in the Sunday Business section erroneously said Leukine, a biotechnology drug developed by Immunex Corp., is awaiting approval by the Food and Drug Administration. But as the accompanying article correctly pointed out, the FDA has already approved the drug.

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