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Article: Stock of Lunar Corp. Spin Off Doing Well.(Originated from The Wisconsin State Journal)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- May 27, 1996
- Author:
CopyrightCOPYRIGHT 1996 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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May 26--Lunar Corp. knew its pharmaceutical subsidiary Bone Care International was worth something. It didn't realize how much.
When Lunar spun off Bone Care earlier this month, the parent company's stock barely blipped. But Bone Care stock, which hit the market at $5.875 per share, has shot up to the $7.50 range since being turned loose from Lunar on May 9.
"There was zero value attributed to Bone Care when it was a wholly-owned subsidiary," said Robert Beckman, vice president of finance for Lunar, a Madison company that makes machines to detect and monitor the treatment of osteoporosis.
"Now we have a $32 million valuation in Bone Care that simply ...