Vertex Pharma plans to sell 11.5M shares

AP News
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Posted: Dec 02, 2009 10:59 PM

Vertex Pharmaceuticals Inc. late Wednesday expanded its public stock offering to 11.5 million shares from 10 million, priced at $38.50 each for gross proceeds of $442.8 million.

The underwriters will have an option to buy another 1.5 million shares, Vertex said. Goldman, Sachs & Co. is acting as the sole book-running manager for the offering, with BofA Merrill Lynch, J.P. Morgan Securities Inc., and Morgan Stanley & Co. Incorporated acting as co-managers.

Vertex is a development-stage drug company. Its most advanced product is telaprevir, an experimental hepatitis C drug. The company currently has about 186 million shares outstanding.

In aftermarket trading, Vertex shares fell 54 cents to $38.95, having closed earlier down 37 cents at $39.49.