Anadys 4 million share follow-on to price after Thursday close, to report 2Q results Tuesday

By Ronda Fears

Nashville, Aug. 1 - Anadys Pharmaceuticals Inc. filed plans for a secondary offering of 4 million shares on Monday with estimated proceeds of $51.35 million, including the greenshoe and assuming an offering price of $11.99 per share.

Credit Suisse First Boston and SG Cowen are joint bookrunners of the offering, which is slated to price after the market close Thursday. Co-managers are Piper Jaffray and Needham & Co.

There is a greenshoe of 600,000 shares available.

Proceeds will be used for clinical and preclinical development of product candidates, for discovery research for new product candidates and for general corporate purposes, including working capital.

After Tuesday's close, Anadys is slated to report second-quarter results.

San Diego-based Anadys is focused on small molecule medicines for the treatment of hepatitis C virus, hepatitis B virus and other serious infections with clinical development programs for its ANA975 to treat hepatitis C and B, and ANA380 to treat hepatitis B.

In June, Anadys entered into an exclusive global license and co-development agreement with Novartis AG to develop, manufacture and commercialize ANA975 and additional Toll-Like Receptor 7 oral prodrugs for chronic hepatitis C and B infections, as well as other potential infectious diseases.

Anadys added that its therapeutic platform, which includes core capabilities in Toll-Like Receptor-based small molecules and structure-based drug design, is designed to advance a pipeline of drug candidates into the clinic.

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