Published on 8/5/2005 in the Prospect News Biotech Daily.
New Issue: Ariad raises $54 million in upsized follow-on at $7.20, discounted from $7.34 close
By Ronda Fears
Nashville, Aug. 5 - Ariad Pharmaceuticals Inc. priced an upsized secondary offering of 7.5 million shares at $7.20 each, discounted from Thursday's close of $7.34, for gross proceeds of $54 million.
Lehman Brothers Inc. was the sole bookrunner.
The issue was boosted from 6 million shares and has a greenshoe for 1.125 million shares.
Cambridge, Mass.-based Ariad plans to use proceeds for operations - research and development, clinical trials, product manufacturing, intellectual property protection and enforcement - working capital and general corporate purposes such as repayment or refinancing of debt, capital expenditures and possible acquisitions.
Issuer: | Ariad Pharmaceuticals Inc.
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Issue: | 7.5 million shares, up from 6 million
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Greenshoe: | 1,125,000 shares, up from 900,000
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Gross proceeds: | $54 million
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Price: | $7.20 per share
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Bookrunner: | Lehman Brothers
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Co-managers: | Lazard Capital Markets and SG Cowen & Co.
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Pricing date: | Aug. 4
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Closing date: | Aug. 10
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Symbol: | ARIA
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