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MGI Pharma


said Thursday that demand for its recent common stock offering was so strong that underwriters had exercised their option to purchase an additional 660,000 shares on top of the 4.4 million shares originally offered.

The successful completion of the offering Thursday, at $35.50 a share, has produced approximately $168.6 million in net proceeds, which the Minneapolis company has said would be applied to buying and/or licensing cancer drugs.

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In early morning trading, MGI Pharma's stock, which has jumped more than fourfold since February, was trading at $37, down 9 cents.