Aurora Biosciences, holder to sell 3.1 mln shares
WASHINGTON, March 17 (Reuters) - Aurora Biosciences Corp. (ABSC) filed on Friday to sell three million shares of common stock while one of its stockholders plans to sell 100,000 shares.
The company said it would net about $207.3 million, assuming an offering price of $72.88 per share, and would use the proceeds to fund its research and development activities, working capital and general corporate purposes, according to a prospectus filed with the Securities and Exchange Commission.
Aurora Biosciences, which combines biology with high-technology systems that screen chemical compounds to identify those that could be made into drugs, said it would not receive any of the proceeds from the sale of shares by the selling stockholder.
After the offering, there will be approximately 22.6 million shares of common stock outstanding in the San Diego, Calif.-based company, according to the filing.
The underwriters, led by Deutsche Banc Alex. Brown and Chase H&Q, have been granted the option to buy an extra 465,000 shares to cover over-allotments in case of heavy demand.
Aurora Biosciences shares closed up 2-1/2 to 75-3/8 on Nasdaq.
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