Dendreon Raising Cash
Updated from 4:54 p.m. EDT
Dendreon (DNDN) is raising money.
The Seattle-based drug company is expected to sell 10 million shares in an overnight financing deal Thursday, according to a prospectus emailed to potential investors by Deutsche Bank Securities, which is handling the deal.
No firm information on pricing was provided, but multiple sources said the price range being considered is $18.70 to $19.20 a share, a slight discount to Dendreon's Thursday's closing price of $19.76. At the midpoint of the pricing range, gross proceeds would total $189.5 million.Dendreon is also offering an over-allotment of 1.5 million shares, so the total money raised could be higher. Dendreon's decision to raise money Thursday night comes a week after the company presented survival data for its prostate cancer vaccine Provenge at a medical meeting in Chicago.
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