Neurocrine Biosciences Inc. (NASDAQ: NBIX) has priced a public
offering of 9.5 million shares at $8.10 per share, a 6.3 percent
discount to Wednesday's close.
On Thursday, the stock fell 3.9 percent in early trade.
The Santa Clara, California-based company, which is focused on
treatment of neurological and endocrine diseases, expects gross proceeds
from this offering to be around $77 million.
It expects to use the net proceeds to fund its research and
development efforts, and for general corporate purposes, including
working capital.
The company has 11 programs in various stages of research and development, including six programs in clinical development.
Neurocrine has granted the underwriters a 30-day option to purchase
up to an aggregate of 1.425 million additional shares of common stock to
cover over-allotments, if any.
Jefferies & Company, Inc. and Deutsche Bank Securities Inc. are
acting as joint book-running managers for this offering, and Piper
Jaffray & Co. and Leerink Swann LLC are acting as co-managers for
this offering.
