Dendreon Corp. (DNDN) said on Thursday that it has priced its underwritten public offering of 15 million shares of its common stock at $24.75 per share. Dendreon also granted to the underwriters a 30-day option to buy up to an additional 2.25 million shares of common stock to cover overallotments, if any. The offering is expected to close on December 15, 2009.
J. P. Morgan Securities Inc. and Deutsche Bank Securities Inc. acted as joint book-running managers of the offering. Citigroup Global Markets Inc., Morgan Stanley & Co. Incorporated, Lazard Capital Markets LLC, Leerink Swann LLC and Needham & Company, LLC acted as co-managers.
Dendreon expects net proceeds from the offering of about $356.0 million, or $409.5 million if the underwriters exercise their overallotment option in full.
Dendreon plans to use the net proceeds of the offering to fund expenditures in connection with the investment in its manufacturing facilities, including the accelerated build-out of new facilities in Atlanta, Georgia and Orange County, California and build-out of the remaining capacity at its Morris Plains, New Jersey facility.
The company also intends to use net proceeds to fund investment in information technology infrastructure and product support systems, to hire manufacturing, sales and marketing, quality and other personnel in preparation for the licensure by the FDA and commercialization of PROVENGE, sipuleucel-T, for third-party contract supply costs, and for general corporate purposes, including working capital.
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