Human Genome Sciences Inc. (NASDAQ: HGSI) said Monday it will sell up to 12.5 million shares to raise money for development of its experimental lupus treatment Benlysta and other business activities, according to Associated Press.
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The proceeds will by used for manufacturing and developing new indications for Benlysta, sales and marketing, research and development, general and administrative and manufacturing activities, and potential retirement of debt, along with other general corporate purposes.
Human Genome Sciences is developing Benlysta through a partnership with British drugmaker GlaxoSmithKline PLC (NYSE: GSK).
The company said the underwriters of the public offering will have the option to buy another 1.9 million shares to cover over allotments. Human Genome Sciences had 165 million shares on the market as of Sept. 30. If all 14.4 million shares are sold, that would increase the company's share count by about 9 percent.
In aftermarket trading, Human Genome Sciences stock fell 97 cents, or 3.5 percent, to $26.85. Shares finished the day at $27.82.
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