By Ronda Fears
Nashville, Aug. 30 - Amylin Pharmaceutical Inc. priced a follow-on offering of 5 million shares of common stock off the shelf at $31.00 per share, discounted from Monday's closing level of $32.66 but at the aggressive end of guidance. It had been pitched late Monday at $30.50 to $31.00, according to market sources.
Goldman Sachs & Co. was sole bookrunner of the overnight deal.
Net proceeds, estimated at $152 million, will be used to fund continued commercialization of the company's approved products, fund development of its phase 2 product candidates and other pipeline drugs, increase its research and development activities, establish additional manufacturing sources and inventory, fund other operating expenses, fund potential acquisitions of complementary technologies or businesses, and for other general corporate purposes.
San Diego-based Amylin has drug candidates for the treatment of diabetes, obesity and cardiovascular disease in various stages of development.
| Issuer: | Amylin Pharmaceutical Inc.
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| Issue: | Follow-on stock offering
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| Gross proceeds: | $157.1 million
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| Net proceeds: | $152 million
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| Shares: | 5,068,138 shares
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| Price: | $31.00 per share
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| Price talk: | $30.50 to $31.00
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| Bookrunner: | Goldman Sachs & Co.
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| Pricing date: | Aug. 29
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| Settlement date: | Sept. 6
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| Ticker: | AMLN
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| Stock price: | $32.66 at close Aug. 29
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