By E. Janene Geiss
Philadelphia, Oct. 5 - Exelixis, Inc. priced an upsized $84 million underwritten public offering of 10 million shares at $8.40 each after the close Wednesday.
The stock was discounted slightly from the $8.61 closing level.
Exelixis said it expects to raise net proceeds of about $78.7 million.
The deal was increased from the planned size of 9 million shares.
Goldman, Sachs & Co. was the bookrunner for the offering with Cowen & Co., LLC as joint lead manager and Banc of America Securities LLC and Piper Jaffray & Co. as co-managers.
The South San Francisco, Calif., biotechnology company said it also granted the underwriters a 30-day over-allotment option for an additional 1.5 million shares.
Exelixis will use proceeds to fund the continued clinical development of its product candidates and for working capital and general corporate purposes.
| Issuer: | Exelixis, Inc.
|
| Issue: | Common stock
|
| Amount: | $84 million
|
| Net proceeds: | $78.7 million
|
| Shares: | 10 million
|
| Greenshoe: | 1.5 million shares
|
| Price: | $8.40
|
| Bookrunner: | Goldman, Sachs & Co.
|
| Pricing date: | Oct. 4, after the close
|
| Settlement: | Oct. 11
|
| Ticker: | Nasdaq: EXEL
|
| Stock price: | $8.61 at close Oct. 4
|
| Distribution: | Off shelf
|
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