Ariad greenshoe exercised, raising stock sale to $62.1 million

By Kimberly N. Alleyne

Stroudsburg, Pa., Aug. 19 - Ariad Pharmaceuticals Inc. Friday announced the underwriters of its recent stock sale exercised the greenshoe for 1,125,000 million shares in full, raising the size of the deal by $8.1 million to $62.1 million.

Ariad originally priced an upsized 7.5 million share follow-on offering of stock at $7.20 after the close on Aug. 4 for gross proceeds of $54 million.

Lehman Brothers Inc. was bookrunner for the offering. Lazard Capital Markets LLC and SG Cowen & Co., LLC acted as co-managers.

Ariad is based in Cambridge, Mass., and engages in the discovery and development of breakthrough medicines to treat cancer by regulating cell signaling with small molecules.

Proceeds will be used 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.

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