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BIOCRAFT's BUSINESS WITH LEDERLE TOTALED $4.7 MIL

Executive Summary

BIOCRAFT's BUSINESS WITH LEDERLE TOTALED $4.7 MIL. during the nine months ended Dec. 31, 1985, making up 14% of the generic mfr.'s $33.2 mil. volume. The disclosure was made in a recent prospectus detailing a 1.8 mil. share public offering. One customer accounted for 5%, or $1.7 of sales during the period, while five other customers combined for 22% of total volume, or $7.3 mil. As a percentage of total sales, Biocraft's business with Lederle took a significant leap over fiscal 1985, when sales to the American Cyanamid division accounted for 8%, or $2.7 mil. of a total $34.2 mil. volume for the year. "Management believes that the loss of Lederle Labs or any two or more of such other customers could have a material adverse effect upon the business of the company," Biocraft said. Pencillin and semi-synthetic penicillin products in both finished dosage and bulk forms still make up the lion's share of Biocraft's business despite the new therapeutic areas opened up by ANDA approvals for disopyramide (Searle's Norpace) and metoclopramide (Robins' Reglan). In the first three quarters of FY 1986, penicillin and semi-synthetic penicillins made up 64% ($21.3 mil.) of total sales. This compares to 66% ($22.6 mil.) for all of fiscal 1985 and 65% ($19.3 mil.) for fiscal 1984. Last week Biocraft reported that sales for the fourth quarter ended March 31 were essentially flat, rising .6% to $9.7 mil., while net earnings plummeted 42.9% to $870,000. For the fiscal year ended March 31, however, sales were up 25.6% to $42.9 mil., while net earnings improved 35.8% to $4.5 mil. Based on a proposed maximum offering price of $17.50 per share, Biocraft can expect to raise $31.5 mil. from the new offering. Lazard Freres, Rothschild and Bear Stearns are jointly managing the deal.
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