NPS Pharmaceuticals Issues New Stock

NPS Pharmaceuticals (NASDAQ: NPSP  ) will be in excess of $80 million richer in the very near future if its new public common stock offering is successful. The company has priced the previously announced, 6-million-share issue at $14.53 per share. All told, this should yield gross proceeds of just over $87 million.

The offering's underwriters, meanwhile, have been granted a 30-day option to buy up to an additional 900,000 shares to cover over-allotments, if any.

NPS Pharmaceuticals plans to use the proceeds of the issue for investments, product development, future licensing opportunities, and "general corporate purposes."

JPMorgan Chase's J.P. Morgan Securities and Morgan Stanley (NYSE: JPM  ) are the joint book-running managers of the offering, which is expected to close "on or about" May 24.


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