Exelixis, Inc. has announced the pricing of its underwritten public offering of 25,000,000 shares of newly issued common stock at a price to the public of $5.40 per share. The gross proceeds to Exelixis from this offering are expected to be approximately $135 million.
Exelixis currently expects to use the net proceeds from the offerings for general corporate purposes, including for clinical trials, build-out of commercial infrastructure, research and development, capital expenditures and working capital.
Cowen and Company, William Blair and Stifel are acting as bookrunners 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 July 29, 2015, subject to customary closing conditions.
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