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In Brief: IGI

This article was originally published in The Rose Sheet

Executive Summary

IGI: Secondary stock offering of 110,000 common shares expected to net up to $570,625 for the selling shareholders, according to a May 15 preliminary prospectus. IGI President John Gallo and Allergan, Inc. will sell 85,000 ($440,938) and 25,000 shares ($129,688), respectively. Gallo will still own 578,397 shares after divesting his stock and Allergan will no longer hold a stake in IGI. Allergan received its 25,000 shares valued at $175,000 Jan. 9 under a "mutual release of claims" settlement between the two companies regarding breach of duty...
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