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Copley Pharmaceuticals

Executive Summary

Generic drug firm expects to commence 1.9 mil. share initial public offering in mid-October. In an amended registration statement filed Sept. 14, Copley raised the estimated price-per-share from $14-$16 to $17-$19. The preliminary prospectus was filed April 24 ("The Pink Sheet" May 25, p. 7). Proceeds are estimated at $30.8 mil., based on $18 per share price. Copley has received 12 ANDA approvals in 1992, and a total of 38 ANDAs to date. The firm has had a total of 11 first ANDAs, of which seven are still the exclusive generic product approval. Copley holds the second tentative ANDA approval for Marion Merrell Dow's Cardizem (diltiazem), not Lederle ("The Pink Sheet" Sept. 7, T&G-2). Lederle's tentative approval was third chronologically.
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