Protein Design Labs makes public stock offering

On Monday, September 25, Protein Design Labs Inc. (PDL; Fremont, CA) conducted a public offering of 3 million shares of its common stock. The offering price was $118.4375 per share.

The offering was co-led by Credit Suisse First Boston and CIBC World Markets and was being co-managed by SG Cowen. The underwriters have an option for up to 30 days to purchase up to 450,000 additional shares to cover over-allotments, if any.

Protein Design Labs Inc. develops humanized antibodies to prevent or treat various disease conditions. PDL currently has antibodies under development for autoimmune and inflammatory conditions, asthma, and cancer.

For more information: Protein Design Labs Inc., 34801 Campus Dr., Fremont, CA 94555. Tel: 510-574-1400. Fax: 510-574-1500.

Edited by Jim Pomager
Assistant Editor, Pharmaceutical Online