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ACADIA Pharmaceuticals (NASDAQ: ACAD ) will soon be almost $100 million richer, if a fresh stock issue goes as planned. The company is floating 8 million shares of its common stock in an underwritten public flotation, at a price of $12.50 apiece. Additionally, the firm's underwriters have been granted a 30-day purchase option for up to an additional 1.2 million shares to cover overallotments, if any.
ACADIA said it plans to use the proceeds of the issue to finance current and future clinical trials, the development and marketing of its pimavanserin treatment as well as other products, and for "general corporate purposes."
Leucadia's Jefferies and Cowen Group's Cowen and Company are the joint book-running managers of the issue. ACADIA expects the offering to close on or about May 20.