The offering comes as Genetics Institute finds itself in a bind.

Genetics Institute rose 3 1/8, to 43, in heavy trading.

Genetics Institute is another biotechnology company that has excited analysts with its potential blockbuster drugs.

"But I think Genetics Institute will have the market to themselves, at least for the time being."

Genetics Institute is still awaiting approval for its drug.

A spokeswoman for Genetics Institute said the company could not comment until it had reviewed the decision.

The documents would probably have been of little value to Genetics Institute.

Genetics Institute expressed dismay at the court ruling but said it had not decided whether to appeal.

Genetics Institute closed yesterday at $37.875, down 12.5 cents, in over-the-counter trading.

He said Genetics Institute recently moved into a break-even financial condition and would spend $80 million this year on research.