Financings in Brief: Centocor
This article was originally published in The Gray Sheet
Executive Summary
Centocor: Plans spin-out of shares in its Centocor Diagnostics subsidiary via an initial public offering of Class A common stock, the firm states in an Oct. 16 release. Centocor expects to retain a "greater than 80% voting control" in the business upon completion of the offering. Proceeds from the offering would go towards Centocor Diagnostics' cardiovascular diagnostic program, working capital, R&D and "other general corporate purposes," Centocor states. Morgan Stanley Dean Witter and Credit Suisse First Boston are managing the offering...