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SCHERER AND PACO ANNOUNCE SUCCESSFUL COMPLETION OF INITIAL OFFERING OF PACO'S COMMON STOCK

 SCHERER AND PACO ANNOUNCE SUCCESSFUL COMPLETION
 OF INITIAL OFFERING OF PACO'S COMMON STOCK
 TROY, Mich., Aug. 20 /PRNewswire/ -- R.P. Scherer Corporation (NYSE: SHR) and its wholly owned subsidiary, Paco Pharmaceutical Services, Inc., announced today the successful initial public offering of Paco's common stock. The offering was priced Wednesday at the close of trading, and 3.5 million shares were sold at $10 each. The offering was underwritten by Lehman Brothers, PaineWebber Incorporated and Wertheim Schroder & Co., Inc. Paco's common stock will commence trading today on NASDAQ under the symbol PACO.
 All of the shares in the offering were sold by Paco. Net proceeds will be used to reduce bank debt and to pay accrued interest and repay, in part, principal on an intercompany note of Paco held by Scherer. Total proceeds to Scherer are approximately $28 million. Following the offering, R.P. Scherer owns less than 1 percent of Paco's common stock.
 Paco is a provider of contract packaging and manufacturing services primarily to pharmaceutical and personal health-care companies. Paco also manufactures and packages sterile ophthalmic products.
 R.P. Scherer Corporation, a leading international developer and manufacturer of drug-delivery systems, is the world's largest producer of soft gelatin capsules (softgels). The company is currently developing and commercializing advanced drug-delivery systems, including SCHERERSOL(R), ZYDIS(R) and PULSINCAP(TM) technologies. The company's proprietary drug-delivery systems improve the efficacy of drugs by regulating the dosage, rate of absorption and place of release. The company operates a global network of 15 facilities in 11 countries.
 -0- 8/20/92
 /CONTACT: Nicole Williams of R.P. Scherer Corporation, 313-649-0900; or Clifford Straub of Paco Pharmaceutical Services, 908-367-9000/
 (SHR PACO) CO: R.P. Scherer Corporation; Paco Pharmaceutical Services, Inc. ST: Michigan, New Jersey IN: MTC SU: OFR :: END


DH -- DE007 -- 1604 08/20/92 09:25 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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