Celgene to sell 20 million shares as part of inclusion in S&P 500 Index

By Sheri Kasprzak

New York, Nov. 1 - Celgene Corp. said it plans to sell shares of its common stock as part of its inclusion in the Standard & Poor's 500 composite index.

The offering will include up to 20 million shares.

The deal is being completed to partially meet the expected demand of index funds to purchase Celgene stock when the company is added to the S&P 500 index, which is set to occur Nov. 3.

Proceeds will be used for working capital, general corporate purposes, future acquisitions and strategic investments.

Celgene, headquartered in Summit, N.J., develops treatments for cancer and inflammatory diseases.

The company's stock fell by 55 cents, or 1.03%, to end at $52.89 (Nasdaq: CELG) and gave up another $1.89 in after-hours trading.

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