On September 21, 2000, MDS Inc., the largest health and sciences corporation in Canada, confirmed the completion of its previously announced equity financing agreement. The deal, completed on a bought deal basis, involved the issue of 3,250,000 common shares at a price of $61.00 per share, for gross proceeds of $198,250,000. MDS is the largest health and life sciences corporation in Canada with 1999 net revenues of $1.2 billion.
Fasken Martineau DuMoulin LLP acted for MDS with a Toronto team comprised of Richard J. Steinberg and Jennifer Mazin, and Nigel Johnston on tax. The underwriters of the offering, led by RBC Dominion Securities Inc. and HSBC Securities (Canada) Inc., were advised by Mihkel Voore and Darin Renton of Stikeman Elliott. US securities law advice was provided by Thomas Willett and Catherine King at Harris Beach & Wilcox, LLP for MDS, and by Jason Lehner and Richard Crofts at Shearman & Sterling for the underwriters.