ARIAD Announces Underwriters' Exercise of Over-Allotment Option
CAMBRIDGE, Mass., Dec 16, 2011 (BUSINESS WIRE) -- ARIAD Pharmaceuticals, Inc.
(ARIA) today announced that the underwriters of its previously announced public
offering have exercised in full their option to purchase an additional 3,225,000
shares of ARIAD's common stock at a public offering price of $10.42 per share. As
a result, ARIAD will issue a total of 24,725,000 shares of common stock for total
gross proceeds of approximately $258 million. The aggregate net proceeds to ARIAD
from this offering are expected to be approximately $243 million after deducting
underwriting discounts and commissions and estimated offering expenses. ARIAD
expects to issue and deliver all 24,725,000 shares on or about December 20, 2011,
subject to customary closing conditions.
J.P. Morgan Securities LLC, Cowen and Company, LLC and Jefferies & Company, Inc.
are acting as joint book-running managers and underwriters for the offering. BMO
Capital Markets Corp., Leerink Swann LLC, Oppenheimer & Co. Inc. and Rodman &
Renshaw, LLC are acting as co-managers for the offering.
