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Monday 17 June 2002
Eon Labs - Generic News - initial public stock offering - Brief Article - Statistical Data Included
Generic drug maker Eon Labs priced its initial public stock offering of 9.8 million shares at $15 on its first trading day, May 23.
Trading under the Nasdaq symbol ELAB, the stock dosed at $15.10 on May 24 and at $14.95 May 30. The Laurelton, N.Y.-based corn p any develops, licenses, manufactures, sells and distributes a broad range of prescription pharmaceuticals, including 90 generic products.
In late February, it began shipping nabumetone 500 mg and 750 mg tablets, the generic equivalent of GlaxoSmithKline's anti-inflammatory Relafen. The Relafen brand and generic nabumetone had sales of about $300 million between February 2001 and February 2002.