By Ronda Fears
Nashville, Dec. 6 - French pharmaceutical concern Ipsen priced its initial public offering of 14.6 million common shares at €22.20 each.
Underwriters of the IPO, which priced Tuesday for trade beginning Wednesday on the Eurolist exchange, were Goldman Sachs International, BNP Paribas, ABN AMRO Rothschild, HSBC and Societe Generale.
The IPO was a spinoff of roughly 17.6% of the company by parent Mayroy. Of the IPO shares, 250,000 shares were set aside for employees, to be priced at €17.76 each.
Ipsen is a European pharmaceutical group with more than 20 products on the market and a total worldwide staff of nearly 4,000. The company's development strategy is based on a combination of products in targeted therapeutic areas - oncology, endocrinology and neuromuscular disorders - that are growth drivers, and primary care products. This strategy is also supported by an active policy of partnerships.
The company has four research and development centers, in Paris, Boston, Barcelona and London. In 2004, research and development expenditures reached €143.2 million, or 18.7% of consolidated sales, which amounted to €767.8 million in Ipsen's pro forma financial statements.
| Issuer: | Ipsen
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| Issue: | Initial public offering
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| Proceeds: | €324.1 million
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| Shares: | 14.6 million shares
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| Greenshoe: | 1,154,925 shares
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| Price: | €22.20 per share
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| Underwriters: | Goldman Sachs International, BNP Paribas, ABN AMRO Rothschild, HSBC and Societe Generale
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| Pricing date: | Dec. 6
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| Settlement date: | Dec. 9
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| Ticker: | IPN (Eurolist)
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