Neurocrine Biosciences Inc. has proposed an offering of 7 million shares of its common stock.
Neurocrine will also grant to the underwriters a 30-day option to purchase up to an additional 1,050,000 shares of common stock.
Stock for the $1.2 billion market cap company rose incrementally following the news, closing at $18.05 on Feb. 25 – up 1 percent from the previous day of trading.
The company’s stock nearly doubled in January after it announced positive results from a trial for its drug, NBI-98854, that treats tardive dyskinesia – a movement disorder that causes facial spasms. On Jan. 7, it rose 90 percent – up $8.75 – closing at $18.51.