By Ronda Fears
Memphis, March 30 - Amylin Pharmaceuticals, Inc. raised $465 million from an upsized follow-on offering of 10 million shares of common stock off the shelf priced at $46.50 each, discounted from Wednesday's closing level of $46.86, via bookrunner Morgan Stanley & Co. Inc. and joint lead manager Goldman, Sachs & Co.
The deal was boosted from 8.5 million shares.
San Diego-based Amylin plans to use proceeds to commercialize two diabetes drugs, Byetta and Symlin - and to fund late-stage product candidates and other pipeline candidates, to establish additional manufacturing sources, including the Ohio manufacturing facility, to increase research and development, to fund other operating expenses, for potential acquisitions and for general corporate purposes.
The company, along with partners Eli Lilly & Co. and Alkermes, Inc., are studying a once weekly dosage version of the twice daily diabetes drug Byetta.
| Issuer: | Amylin Pharmaceuticals, Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $465 million
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| Net proceeds: | $441.4 million
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| Shares: | 10 million shares, up from 8.5 million
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| Greenshoe: | 1.5 million shares, up from 1.275 million
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| Price: | $46.50 per share
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| Bookrunner: | Morgan Stanley & Co. Inc.
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| Joint lead manager: | Goldman, Sachs & Co.
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| Co-managers: | Bear, Stearns & Co. Inc. and Lehman Brothers Inc.
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| Pricing date: | March 29
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| Settlement date: | April 5
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| Stock symbol: | Nasdaq: AMLN
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| Stock price: | $46.86 at close March 29
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