Exelixis, Inc. (Nasdaq: EXEL) today announced the pricing of its overnight underwritten public offering of 10,000,000 shares of newly issued common stock at a price to the public of $8.00 per share. Exelixis also granted the underwriter a 30-day option to purchase up to an additional 1,500,000 shares of common stock in connection with the offering. All of the shares of common stock in the offering are being sold by Exelixis. Exelixis anticipates that its aggregate net proceeds from the offering will be $75.6 million after deducting the underwriting discount and estimated offering expenses payable by Exelixis (assuming no exercise of the underwriter’s option to purchase additional shares).
Exelixis currently expects to use the net proceeds from the offering for general corporate purposes, including for clinical trials, research and development, capital expenditures and working capital.
Cowen and Company is acting as underwriter for the offering. The offering is being conducted by means of a prospectus supplement filed as part of a shelf registration statement previously filed with the Securities and Exchange Commission (SEC) on Form S-3.
Exelixis expects to close the offering on or about January 28, 2014, subject to customary closing conditions.This announcement does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933, as amended. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the prospectus supplement and base prospectus relating to the offering may be obtained, when available, from Cowen and Company, LLC (c/o Broadridge Financial Services., 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, Phone: 631-274-2806, Fax: 631-254-7140). Exelixis intends to file a final prospectus supplement relating to the offering with the SEC, which will be available along with the prospectus filed with the SEC in connection with the shelf registration statement, on the SEC's website at www.sec.gov. About Exelixis Exelixis is a biotechnology company committed to developing small molecule therapies for the treatment of cancer.