SOUTH SAN FRANCISCO, Calif. (AP) — Cancer drug developer Exelixis Inc. on Thursday expanded a public offering of its stock, and it expects to raise $155.9 million from the sale after expenses.
Exelixis said it will sell 15 million shares at $11 per share. The company priced the offering at a discount of 2.5 percent to its Wednesday closing price of $11.28. The company said it will receive $155.9 million from the offering after expenses and underwriting discounts are deducted.
The underwriters of the offering will have an option to buy another 2.3 million shares to cover over any allotments.
On Monday, Exelixis said it planned a smaller offering of 12.5 million shares. Its underwriters would have had the option to buy another 1.9 million shares.
Exelixis stock gained 32 cents, or 2.8 percent, to $11.60 in premarket trading.