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Idenix Pharma expects $26.2M from stock sale

Thu, 04/29/2010 - 5:17am
The Associated Press

Idenix Pharmaceuticals expects to raise $26.2 million in a new stock offering, the company said Thursday.

Idenix will sell 6.5 million shares for $4.35 per share, which is a 3.1 percent discount to its closing price of $4.49 on Wednesday. After expenses are deducted it expects $26.2 million in proceeds. Idenix said the offering will close on Tuesday.

Thomas Weisel Partners will be the book-running manager for the offering, and Leerink Swann and William Blair and Co. will be the co-managers.

The company had around 66.4 million shares on the market as of Feb. 16. If 6.5 million shares are sold, Idenix's share count will rise 9.7 percent, to about 72.8 million.

Shares of Idenix Pharmaceuticals Inc. slipped a penny to $4.48 in premarket trading.

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