Salix Pharmaceuticals completes stock offering

AP News
Posted: Nov 23, 2009 2:45 PM

Salix Pharmaceuticals Ltd. said Monday it completed its public offering of 5.5 million shares of common stock.

The company announced the offer Nov. 18. It offered the stock at $21 per share.

The company gave underwriters Jefferies & Co. a 30-day option to buy up to an additional 825,000 shares to cover overallotments. Salix has about 48.9 million shares of common stock outstanding.

Salix said it will use net proceeds of about $128.2 million for business development and general corporate purposes.

Shares of Salix rose 24 cents to $23.65 in afternoon trading.