Infinity Pharmaceuticals Inc. (INFI) announced the pricing of an underwritten public offering of its common stock by existing shareholders Beacon Company and Rosebay Medical Company L.P., including shares that were transferred to Beacon and Rosebay by Purdue Pharma L.P., an associated company of Beacon and Rosebay, at a public offering price of $40.00 per share.
The aggregate size of the offering is 10 million shares, with 5 million shares of common stock offered by Beacon, and 5 million shares of common stock offered by Rosebay.
The selling shareholders have also granted the underwriters an option for 30 days to purchase from the selling shareholders up to an additional about 1.42 million shares to cover over-allotments, if any.
Assuming closing of this offering and assuming that the over-allotment option is not exercised, Beacon, Rosebay and Purdue collectively own an aggregate of 2.96% of Infinity's outstanding common stock. The offering is expected to close on or about April 16, 2013, subject to the satisfaction of customary closing conditions.
Infinity noted that it will not sell any shares or receive any proceeds from the offering, and the total number of shares of its outstanding common stock will not change as a result of the offering.
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