Vertex launches follow-on offering of 8 million shares via Merrill Lynch

By Ronda Fears

Memphis, Sept. 11 - Vertex Pharmaceuticals, Inc. launched after Monday's close a follow-on offering of 8 million shares via bookrunner Merrill Lynch & Co.

Morgan Stanley is joint lead manager. UBS Investment Bank is co-manager.

There is a greenshoe for another 1.2 million shares available.

Cambridge, Mass.-based Vertex is principally focused on viral diseases, inflammation, autoimmune diseases, cancer, pain and bacterial infection. Vertex co-discovered the HIV protease inhibitor Lexiva with GlaxoSmithKline plc.

Proceeds are slated for development, manufacturing, acquisitions and general corporate purposes.

Vertex shares (Nasdaq: VRTX) closed Monday off by 52 cents, or 1.47%, at $34.82 and in after-hours activity, on word of the deal, dropped another 71 cents, or 2.04%, to $34.11.

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