South San Francisco-based Exelixis (NASDAQ: [[ticker:EXEL]]) said today its underwriters have exercised their option to buy another 2.25 million shares to cover over-allotments from a stock offering. Exelixis said previously that the offering had netted $156 million after paying expenses, but the purchase of extra shares means it now it has tacked on an extra $23 million, bringing the total haul to $179.4 million after expenses, the company said. The money is being used to help drive development of cabozantinib (XL184), which has shown promising results for patients with prostate cancer. Goldman Sachs, Cowen & Co., Citi, and Lazard Capital Markets underwrote the deal.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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