Insmed greenshoe exercised, raising follow-on sale to $46 million

By Lisa Kerner

Erie, Pa., March 15 - Insmed Inc. said the underwriters of its public offering exercised the 3 million share over-allotment option in full, raising the size of the deal to 23 million shares or $46 million.

The company originally priced 20 million shares at $2.00 each after the close on March 9.

Net proceeds to Insmed are approximately $42.8 million and will be used for working capital and other general corporate purposes, including the continuing commercial launch and manufacturing of IPLEX, the pursuit of marketing authorization for IPLEX in Europe and clinical studies.

Lazard Capital Markets LLC was bookrunner and C.E. Unterberg, Towbin, LLC was co-manager.

Insmed is a Richmond, Va., biopharmaceutical company focused on the discovery, development and commercialization of drug products for the treatment of metabolic diseases and endocrine disorders.

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