By Ronda Fears
Nashville, Oct. 26 - Idenix Pharmaceuticals Inc. priced an upsized follow-on offering of 7.3 million shares of common stock off the shelf at $20.61 per share, pat with Tuesday's closing level, via bookrunner Morgan Stanley & Co. The number of shares was bumped up from 6,593,406.
Idenix sold 3,939,131 of the shares in the follow-on offering to Novartis AG, which has a 57% stake in the company.
In addition, there was a secondary sale of 942,507 shares sold by stockholders with another 1,130,387 shares available as a greenshoe.
Cambridge, Mass.-based Idenix, focused on drugs for viral and other infectious diseases such as hepatitis B, hepatitis C and HIV, plans to use proceeds for working capital, research and development, sales and marketing, capital expenditures and potential acquisitions.
| Issuer: | Idenix Pharmaceuticals Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $150 million
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| Shares: | 7,278,020 million shares
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| Price: | $20.61 per share
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| Bookrunner: | Morgan Stanley & Co.
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| Co-lead manager: | Bear Stearns & Co. Inc.
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 31
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| Ticker: | IDIX
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| Stock price: | $20.609 at close Oct. 25
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