Viratek to Offer 2-for-1 Shares
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Capping a run-up of nearly $62 in the past three months, Viratek on Friday declared a 2-for-1 stock split to lure more investors by making its suddenly high-priced common shares more affordable.
Several analysts have said that they believe the rapid price increase--Viratek’s common shares closed Friday at $96.50 per share--has been fueled by investors betting that its anti-viral drug, Virazole, will be approved as a treatment for the deadly acquired immune deficiency syndrome, or AIDS.
The stock split, payable Aug. 18 to shareholders of record Aug. 4, will increase the current 3.48 million common shares outstanding to about 6.9 million shares.
Viratek is a 44%-owned research subsidiary of ICN Pharmaceuticals Inc. of Costa Mesa. Eastman Kodak Co. owns a 5% stake in ICN and nearly 10% in Viratek.
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