Human Genome to sell 3 million more shares

Maryland Watch

February 26, 1997

Human Genome Sciences Inc., the Rockville-based genomics company, said yesterday that it has filed a proposal with the Securities and Exchange Commission to sell 3 million shares of common stock, increasing the number of shares outstanding by 15 percent to 21 million.

Assuming a share price of $43, the company estimated that it would raise about $121 million -- the most it has ever raised from investors -- in the offering.

News of the announcement drove Human Genome's share price down yesterday. The stock closed at $39.875, down $2.125.

Human Genome did not say specifically what it planned to do with proceeds from the sale, and company officers could not be reached for comment yesterday.

The company, which went public in 1993, raised about $60 million in a secondary offering of 2.75 million shares in September 1995. In that offering, shares were priced at $21.50.

The proposed public offering, which must be approved by the SEC, would be managed by Lehman Brothers, Bear Stearns and Co. Inc., Merrill Lynch & Co., Smith Barney Inc. and UBS Securities.

Pub Date: 2/26/97

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