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This one will be fun......
Rigel Pharmaceuticals Announces Pricing of Initial Public Offering
SOUTH SAN FRANCISCO, Calif., Nov. 28 /PRNewswire/ --
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced the pricing of its
initial public offering of 5,000,000 shares of common stock at a price of
$7.00 per share. Gross proceeds to Rigel will be $35 million. All of the
shares are being offered by the Company. Rigel has granted the underwriters an
option to purchase up to an additional 750,000 shares of common stock to cover
over-allotments, if any. The offering is being made through an underwriter
group led by Morgan Stanley Dean Witter, with Lehman Brothers and Robertson
Stephens co-managing the offering. Concurrent with this initial public
offering, Novartis is purchasing an additional 1,428,571 shares of the
Company's common stock through a private placement at $7.00 per share.
Rigel uses post-genomics combinatorial biology technology to discover
novel drug targets. Post-genomics combinatorial biology technology is designed
to identify molecules which play an important role in regulating a human
cell's response to disease by testing a very large number of proteins in a
very large number of cells to determine which proteins will change the cell's
response to the disease. Rigel currently has programs in asthma/allergy,
autoimmunity, transplant rejection, rheumatoid arthritis, inflammatory bowel
disease, cancerous tumor growth and hepatitis C. Rigel has a collaboration
with Pfizer Inc. and multi-year collaborations with Cell Genesys, Inc.,
Janssen Pharmaceutica N.V. and Novartis Pharma A.G. Rigel is based in South
San Francisco, California.
A registration statement relating to these securities was filed with and
has been declared effective by the U.S. Securities and Exchange Commission.
Copies of the final prospectus related to the offering may be obtained from
Morgan Stanley Dean Witter, 1585 Broadway, New York, NY 10036, 212-761-4000;
Lehman Brothers, Three World Financial Center, 15th floor, 200 Vesey Street,
New York, NY 10285, 212-526-7000; or Robertson Stephens, 590 Madison Avenue,
36th floor, New York, NY 10022, 212-319-8900.
This press release shall not constitute an offer to sell nor a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such an offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such state.
SOURCE Rigel Pharmaceuticals, Inc.
Web Site: rigel.com
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