Thursday, Mar 12, 1987
London -- March 12, 1987 --Genentech, Inc. announced here today that it has completed the sale of $150 million of 5 percent 15-year convertible subordinated debentures due in March 2002 to European Investors. The bonds are convertible at $74 per share.
Proceeds of the offering will be used to begin construction of additional research and manufacturing facilities as well as for working capital.
Robert A. Swanson, chief executive officer, said, "We are pleased with the reception in Europe. This offering allows us to accelerate these projects which are very important to our future, as well as to broaden our European shareholder base.," The sale of the debentures was managed by a syndicate led by Credit Suisse First Boston and PaineWebber International.
Genentech is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
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