Proceeds fund general corporate purposes, including clinical trials
By Devika Patel
Knoxville, Tenn., Jan. 28 - Idenix Pharmaceuticals, Inc. arranged a $106.73 million registered direct offering of stock with Baupost Group, LLC on Jan. 27, according to an 8-K and prospectus supplement filed Tuesday with the Securities and Exchange Commission.
The company will sell 16,420,241 common shares at $6.50 per share. The price per share is a 10.96% discount to the Jan. 24 closing share price of $7.30.
Settlement is expected Jan. 31.
Proceeds will be used for general corporate purposes, including clinical trial costs and ongoing and future patent litigation expenses.
Idenix is a Cambridge, Mass., biopharmaceutical company engaged in the development and commercialization of drugs to treat human viral and other infectious diseases.
| Issuer: | Idenix Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $106,731,567
|
| Units: | 16,420,241
|
| Price: | $6.50
|
| Warrants: | No
|
| Investor: | Baupost Group, LLC
|
| Pricing date: | Jan. 27
|
| Settlement date: | Jan. 31
|
| Stock symbol: | Nasdaq: IDIX
|
| Stock price: | $7.30 at close Jan. 24
|
| Market capitalization: | $1.07 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
