Don't let it get away!
Keep track of the stocks that matter to you.
Help yourself with the Fool's FREE and easy new watchlist service today.
KYTHERA Biopharmaceuticals (NASDAQ: KYTH ) is tapping the markets for a new dose of capital. The company announced it is floating a 2,622,950-share issue of its common stock at $45.75 per share in an underwritten public offering. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 393,442 shares.
KYTHERA said it plans to use "substantially all" of the estimated $112.2 million net proceeds of the issue for development. The remainder is to be utilized for working capital and "general corporate purposes."
JPMorgan Chase's (NYSE: JPM ) J.P. Morgan Securities and Bank of America unit Merrill Lynch are the joint book-running managers of the issue, which is expected to close on or about October 15.
At the moment, KYTHERA has nearly 18.8 million shares outstanding, and its stock trades at $45.79 per share.