Isis Pharmaceuticals Prices 9M Share Offering at $19/Share
Isis Pharmaceuticals (NASDAQ: ISIS) announced today the pricing of an underwritten public offering of 9,000,000 shares of its common stock, offered at a price to the public of $19.00 per share. The gross proceeds to Isis from this offering are expected to be $171.0 million, before deducting the underwriting discount and other estimated offering expenses payable by Isis. The offering is expected to close on or about May 14, 2013, subject to customary closing conditions. In addition, Isis has granted the underwriters a 30-day option to purchase at the public offering price up to an aggregate of 1,350,000 additional shares of its common stock. Isis anticipates using the net proceeds from the offering to increase its drug development activities, develop select drugs in its pipeline to later stages of development prior to partnering, and for general corporate and working capital purposes.
Goldman, Sachs & Co. and J. P. Morgan Securities LLC are acting as joint book-running managers in the offering. Stifel is acting as lead manager. BMO Capital Markets, Cowen and Company, LLC and Needham & Company are acting as co-managers.
The securities described above are being offered by Isis pursuant to a