New Issue: Ariad raises $54 million in upsized follow-on at $7.20, discounted from $7.34 close

By Ronda Fears

Nashville, Aug. 5 - Ariad Pharmaceuticals Inc. priced an upsized secondary offering of 7.5 million shares at $7.20 each, discounted from Thursday's close of $7.34, for gross proceeds of $54 million.

Lehman Brothers Inc. was the sole bookrunner.

The issue was boosted from 6 million shares and has a greenshoe for 1.125 million shares.

Cambridge, Mass.-based Ariad plans to use proceeds for operations - research and development, clinical trials, product manufacturing, intellectual property protection and enforcement - working capital and general corporate purposes such as repayment or refinancing of debt, capital expenditures and possible acquisitions.

Issuer:	Ariad Pharmaceuticals Inc.
Issue:	7.5 million shares, up from 6 million
Greenshoe:	1,125,000 shares, up from 900,000
Gross proceeds:	$54 million
Price:	$7.20 per share
Bookrunner:	Lehman Brothers
Co-managers:	Lazard Capital Markets and SG Cowen & Co.
Pricing date:	Aug. 4
Closing date:	Aug. 10
Symbol:	ARIA

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