SAN DIEGO, Jan. 19, 2011 /PRNewswire/ -- Ardea Biosciences, Inc. (Nasdaq: RDEA) today announced that it has commenced an underwritten public offering of an aggregate of 2,500,000 shares of its common stock. In connection with this offering, Ardea plans to grant to the underwriters a 30-day option to purchase up to an additional 375,000 shares of its common stock to cover overallotments, if any. BofA Merrill Lynch and Jefferies & Company, Inc. are acting as joint book-running managers for the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
The securities described above are being offered by Ardea pursuant to a shelf registration statement previously filed with the Securities and Exchange Commission (the "SEC"), which the SEC declared effective on November 15, 2010. A preliminary prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website located at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or by e-mail at firstname.lastname@example.org, or from Equity Syndicate Prospectus Department, Jefferies & Company, Inc., 520 Madison Avenue, 12th Floor, New York, NY, 10022, at 877-547-6340, or at Prospectus_Department@Jefferies.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.