Life Sciences, funding, Secondary Stock Offering

Halozyme Raises $40M in Secondary Offering

Bruce V. Bigelow 6/22/09

[Editor's Note: Updated in first graf at 8:10 a.m. on 6/23/09]

Halozyme Therapeutics Inc. said today it priced its secondary offering at $6.50 a share, an almost 14 percent discount to yesterday’s closing price of $7.53 a share. The offering of 6.15 million shares raised $40 million, with Halozyme’s net proceeds amounting to $38.2 million.

In a statement issued late yesterday, San Diego-based Halozyme Therapeutics (NASDAQ: HALO) says it plans to sell 5.2 million shares of its common stock tomorrow in a secondary public offering. Robert H. Uhl, Halozyme’s senior director of investor relations, told me the shares will be priced in the morning. The biotech has about 47.2 million shares of common stock outstanding. Its stock closed up a penny today at $7.53 a share in above-average trading volume. Halozyme specializes in developing and commercializing products targeting the extracellular matrix for the endocrinology, oncology, dermatology and drug delivery markets.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492