Friday, Mar 15, 1985
South San Francisco, Calif. -- March 15, 1985 --Genentech, Inc. announced the public offering today of 1 million shares of its common stock at a price of $45 per share.
PaineWebber Incorporated and Hambrecht & Quist Incorporated, are managers of the underwriting group. The company has granted the underwriters an option to purchase up to 150,000 additional shares to cover over-allotments.Proceeds from the sale of the shares will be used for construction or purchase of manufacturing, laboratory and office facilities, related capital equipment, and for additions to working capital.
Headquartered in South San Francisco, Genentech is a leading biotechnology company which employs recombinant DNA technology primarily to develop pharmaceutical products for the human health care market. The company has developed products with application in the treatment of diabetes, cardiovascular disease, cancer and growth disorders.
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