Neurocrine Biosciences Announces New Offering
Neurocrine Biosciences has announced that it will have another public offering of its common stock to raise roughly $225 million.
Neurocrine Biosciences Inc. (NASDAQ: NBIX) has announced that it will have another public offering of its common stock. The total offering is expected to raise an aggregate of roughly $225 million.
J.P. Morgan and Deutsche Bank are acting as joint book-running managers for this offering.
The company expects that the net proceeds from the offering will be used to fund its research and development efforts, to prepare for commercialization efforts and for general corporate purposes, including working capital.
Neurocrine Biosciences develops innovative pharmaceuticals, in diseases with unmet medical needs, through its R&D platform, which is focused on neurological and endocrine based diseases and disorders. The company’s two lead late-stage clinical programs are elagolix, a gonadotropin-releasing hormone antagonist for women’s health that is partnered with AbbVie Inc. (NYSE: ABBV), and a wholly owned vesicular monoamine transporter 2 inhibitor for the treatment of movement disorders. Neurocrine Biosciences intends to maintain certain commercial rights to its vesicular monoamine transporter 2 inhibitor and grow into a fully integrated pharmaceutical company
Shares of Neurocrine Biosciences closed Tuesday up 0.3% up at $37.34. In premarket trading Wednesday, shares were relatively flat. The stock has a consensus analyst price target of $41.00 and a 52-week trading range of $12.17 to $38.58.
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