R.P. SCHERER <SCHS> OFFERS PREFERRED STOCK
R.P. Scherer Corp said it is
offering 1.6 mln shares of 5-3/4 pct convertible exchangeable
preferred stock at 25 dlrs a share.
    Each stock is convertible into the company's common stock
at 23.60 dlrs a share, which represents a conversion premium of
24.2 pct over the last sale price of 19 dlrs a share on March
11.
    Goldman, Sachs and Co is lead underwriter for the offering.
    Scherer said one of its directors, Richard Manoogian, said
he will buy 200,000 shares of the preferred stock at the same
25 dlrs a share.
    The company said proceeds will be used for general
corporate purposes including funding an increasing commitment
to research and development on new drug formulations and
delivery systems.
 Reuter
