Sicor Plans Large Stock Offering to Raise Capital
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Sicor Inc. plans to sell 20 million shares of common stock in a secondary offering, according to regulatory documents filed Friday.
The Irvine company, which makes generic drugs, plans to offer 10 million shares, and an affiliate of Chief Executive Carlo Salvi will offer the other 10 million shares. The affiliate is Rakepoll Finance NV, a subsidiary of Korbona Industries Ltd., which is owned by Salvi.
Sicor will use its proceeds for general corporate purposes, according to a registration filed with the Securities and Exchange Commission. That may include working capital, capital expenditures and acquisitions.
The number of Sicor shares outstanding will increase almost 10% to 110.7 million, the filing said. Rakepoll’s 30.3% stake in Sicor will shrink to 18.7% after the stock sale, the filing disclosed.
Sicor’s stock, which has more than doubled over the last year, on Friday fell $1.12 a share to $23.60 on Nasdaq.
Underwriters for the stock sale will include Merrill Lynch & Co., CIBC World Markets, and SG Cowen.
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