The Geneva-based biotechnology company, Serono, says proceeds from its global share offering will total around SFr1.45 billion after expenses.This content was published on July 27, 2000 - 09:43
The SFr3 billion offering prices bearer shares at SFr1,550 each and American Depositary shares at $23.49 (SFr38.75). Forty ADSs therefore equal one bearer share.
Serono said the new ADSs will begin trading on the New York Stock Exchange on Thursday, the same day as the new bearer shares go public on the Swiss Exchange.
The company, formerly known as Ares-Serono, says the proceeds of the offering will be used to finance its activities and expand its business through alliances and acquisitions.
Serono is the world's third largest biotechnology company.
Before the offering, the company's founding Bertarelli family held 70 per cent of the share capital and 79 per cent of the voting rights. It still retains more than 50 per cent of the share capital and 66 per cent of the voting rights.
Serono will be one of five companies to be added to the Swiss Exchange's blue chip SMI index on October 2, bringing the total number of firms in the index to 30.