The company has yet to determine how many additional shares it plans to issue or at what price but by increasing the amount of outstanding stock, the holdings of existing shareholders will be correspondingly diluted.
In a regulatory filing, Amylin said it plans to use the proceeds of the offering for the "commercialization of BYDUREON, as well as for general corporate purposes which may include research and development expenses, capital expenditures, working capital and general administrative expenses."
The stock was last quoted at $15.41, down 4.7%, on volume of 232,000, according to Nasdaq.com. Based on Wednesday's regular-session close at $16.17, Amylin shares have soared 40% since the start of 2012, hitting a 52-week high of $18.45 on Feb. 17.The company received approval of Bydureon, a weekly treatment for type 2 diabetes, on Jan. 27, and the drug became available by prescription in the United States on Feb. 13. Check out TheStreet's quote page for Amylin for year-to-date share performance, analyst ratings, earnings estimates and much more.