Competing with Chiron to be first to the well for public financing after the 1987 crash with an SEC registration for a public offering of 2 mil. shares of convertible exchangeable preferred stock. With a redemption preference of $ 25 per share, the stock will pay cumulative dividends and will be exchangeable into debentures at the option of the company. Underwriters for the $ 50 mil. offering, expected to be issued in June, are Shearson Lehman Hutton, Merrill Lynch, Salomon Brothers and Vector Securities International. Offering is biotech industry's first for preferred stock.
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