Total of 3.45 Million Shares Sold for $725 Million
FREMONT, Calif., March 1 /PRNewswire/ -- Abgenix, Inc. (Nasdaq: ABGX)
today announced the sale of 450,000 shares of Common Stock at a price of
$210 per share pursuant to the exercise of the underwriters' over-allotment
option.
Of the 450,000 shares of Common Stock offered, 324,000 were sold by the
Company and 126,000 were sold by a selling stockholder of the Company,
Cell Genesys, Inc. (Nasdaq: CEGE). The over-allotment option was granted in
connection with Abgenix's follow-on public offering on February 10, 2000 of
3,000,000 shares of Common Stock, of which 2,160,000 shares were sold by the
Company and 840,000 were sold by Cell Genesys. With the exercise of the
underwriters' over-allotment option, total proceeds to Abgenix from the
offering were approximately $496.5 million, after deducting the underwriting
discount and estimated offering expenses. Total proceeds to Cell Genesys from
the offering were $193.7 million, after deducting the underwriting discount
and estimated offering expenses. The shares were offered by an underwriting
group led by Robertson Stephens, Lehman Brothers Inc., Merrill Lynch & Co. and
Pacific Growth Equities, Inc.
"We now have about $550 million in cash, an industry-leading antibody
technology, an impressive list of collaborative partners, an exciting
proprietary product portfolio, and access to genomics-based disease targets,"
stated R. Scott Greer, president and CEO of Abgenix. "We believe Abgenix is
well positioned to ride the antibody wave."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. The offer is made only by the prospectus, a copy of which may
be obtained from Robertson Stephens, 555 California Street, Suite 2600,
San Francisco, CA 94104, 415-781-9700.
Abgenix is a biopharmaceutical company that develops and intends to
commercialize antibody therapeutic products for the treatment of a variety of
disease conditions, including transplant-related diseases, inflammatory and
autoimmune disorders, cardiovascular disease, infectious disease, and cancer.
Statements made in this press release, other than statements of historical
fact, are forward looking statements and are subject to a number of
uncertainties that could cause actual results to differ materially from the
statements made, including risks associated with the success of clinical
trials, the progress of research and product development programs, the
regulatory approval process, competitive products, future capital requirements
and the extent and breadth of Abgenix's patent portfolio. Please see Abgenix'
public filings with the Securities and Exchange Commission for information
about risks that may affect Abgenix.
SOURCE Abgenix, Inc.
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Related links:
http://www.abgenix.com
CONTACT:
Kurt Leutzinger, Chief Financial Officer of
Abgenix Inc., 510-608-6575
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