Finance History | Nasdaq MarketSite — Twenty-Two Dollars for Four and a Half Million Shares Called REGN
· 1991-4
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Finance History | Nasdaq MarketSite — Twenty-Two Dollars for Four and a Half Million Shares Called REGN
kevin
People treat Regeneron as a Tarrytown antibody house that always printed REGN after a finished Nasdaq book.
The April 1991 issuer was Regeneron Pharmaceuticals, Inc., a three-year-old Tarrytown company with no product yet in clinical trials.
BioWorld, writing the next day, recorded the sale: 4.5 million common shares priced at 22 dollars a share in 1991 currency, a book that grossed 99 million dollars.
The same dispatch said the issue printed as high as 23.25 dollars on the first Nasdaq session before closing at 21.13 dollars under the letters REGN.
The company's own history page still dates the public start to 1991 and records net proceeds of 91.6 million dollars.
The present tape is REGN on the Nasdaq Global Select Market.
The mechanism is a pre-clinical biotechnology IPO. The cash bought time for neurotrophic-factor research while the product pipeline was still on paper.
The pin is the public Times Square facade of Nasdaq MarketSite, the present street marker for the tape that now prints REGN.
Interior trading is not visitable from the sidewalk.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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