NPS Pharmaceuticals Issues New Stock

NPS Pharmaceuticals will be in excess of $80 million richer in the very near future if its new public common stock offering is successful. The company has priced the previously announced, 6-million-share issue at $14.53 per share. All told, this should yield gross proceeds of just over $87 million.

The offering's underwriters, meanwhile, have been granted a 30-day option to buy up to an additional 900,000 shares to cover over-allotments, if any.

NPS Pharmaceuticals plans to use the proceeds of the issue for investments, product development, future licensing opportunities, and "general corporate purposes."

JPMorgan Chase's J.P. Morgan Securities and Morgan Stanley are the joint book-running managers of the offering, which is expected to close "on or about" May 24.

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