Sequenom Plans $84M Offering

12/2/10Follow @bvbigelow

San Diego’s Sequenom (NASDAQ: SQNM) says today it hopes to raise gross proceeds of $84 million from an underwritten public offering of 14 million shares of its common stock at a price of $6 a share. Jefferies & Company is the sole book-running manager for the offering. The company, which specializes in biomedical diagnostics, says it has granted the underwriters a 30-day option to purchase as much as 2.1 million additional shares to cover any over-allotments. The offering is expected to close Dec. 7. Sequenom share prices fell by more than 3 percent, or 22 cents, and were trading at about $6.60 at mid-day; trading was more than four times the recent average volume.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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