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WELLCOME PLC REGISTERS U.S. PORTION OF INTERNATIONAL SHARE OFFER; WELLCOME TRUST INTENDS TO REDUCE STAKE IN WELLCOME TO BELOW 50 PERCENT

 WELLCOME PLC REGISTERS U.S. PORTION OF INTERNATIONAL SHARE OFFER; WELLCOME TRUST INTENDS TO REDUCE STAKE IN WELLCOME TO BELOW 50 PERCENT
 NEW YORK, June 4 /PRNewswire/ -- Wellcome plc announced today that it has filed with the Securities and Exchange Commission a registration statement on Form F-3 in connection with a proposed international share offer by The Wellcome Trust.
 The Wellcome Trust, a U.K.-based charitable trust, owns 632 million shares, or approximately 73.5 percent, of Wellcome plc, a major international research-based pharmaceutical group with headquarters in London.
 The Wellcome Trust intends to reduce its ownership in Wellcome plc to below 50 percent. The Trust has flexibility over the number of shares that it plans to sell and over the timing of the offer. However, the Trust intends to retain, as a long-term holding, at least 25 percent of the outstanding shares of the company as of April 30, 1992. The offer remains subject to suitable market conditions. Wellcome plc will not receive any proceeds from the offering.
 The offer, which will be structured as a tender offer on a fully paid basis, will be conducted through regional selling syndicates covering all the principal markets of the world. The size of the offering has yet to be determined and will depend on a number of factors, including market conditions.
 The tender offer period is expected to commence on July 6 and is expected to close two to three weeks later. Pricing and allocation will take place after the closing of the international tender offer.
 The Global coordinator of the offer is Robert Fleming & Co. Limited, based in London. In the U.S., the offer will be led by Morgan Stanley & Co. Incorporated, Lehman Brothers, Merrill Lynch & Co., and Robert Fleming Inc. Other members of the U.S. management group are Alex. Brown & Sons Incorporated, Goldman, Sachs & Co., Salomon Brothers Inc and Wertheim Schroder & Co. Incorporated.
 The Wellcome Group is engaged in the research, development, manufacture and marketing of human healthcare products for sale in both the prescription medicine and OTC markets. The group had sales of /1.606 billion ($2.827 billion) in the year ended Aug. 31, 1991, of which /1.462 billion ($2.574 billion) were from continuing operations. Its activities in the United States are conducted principally by Burroughs Wellcome Co, the company's wholly owned subsidiary.
 The Group's principal prescription medicines include a range of products used in the antiviral therapeutic area, as well as in the cardiovascular, neuromuscular blocking agent, antigout, immunosuppressant, systemic antibacterial and central nervous system therapeutic areas.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A copy of the preliminary prospectus may be obtained from Jeanne Andrews, Morgan Stanley & Co. Incorporated, 1251 Avenue of the Americas, New York, N.Y. 10020.
 -0- 6/4/92
 /CONTACT: Jeanne Andrews of Morgan Stanley & Co., 212-703-4058, or Michael Geczi of Ogilvy Adams & Rinehart, 212-557-0100, for The Wellcome Trust/ CO: Wellcome plc ST: IN: MTC SU: OFR


TS -- NY001 -- 6866 06/04/92 08:26 EDT
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Publication:PR Newswire
Date:Jun 4, 1992
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