Halozyme Therapeutics Inc., the San Diego-based developer of enzyme drugs, said Feb. 10 that it’s seeking to raise a total of $83 million through a pubic stock offering.
The company is pricing 6.8 million shares at $10.61 each, and it expects the offer to close Feb. 15.
Halozyme said it intends to use the net proceeds from the offering to build commercial inventory for anticipated product launches, fund research and development of proprietary programs, and for general corporate purposes.
Barclays Capital Inc. is the sole book-running manager of the offering. Halozyme has granted the company a 30-day option to purchase just over 1 million shares of common stock.
Halozyme has a number of investigational drugs in the pipeline addressing therapeutic areas with significant unmet medical needs, including diabetes, cancer and cellulite.
The company has one FDA-approved product on the market — Hylenex, an injection that helps fluid and drugs to be better dispersed and absorbed into the body — and several more in clinical testing. Halozyme is in partnerships with Roche, Baxter, ViroPharma, and Intrexon.
Halozyme shares, which trade on Nasdaq under the symbol HALO, were at $11.12 during afternoon trading Feb. 10, up a penny from the prior day’s closing price.
— Kelly Quigley