Exelixis Tacks on $23M

3/15/11Follow @xconomy

South San Francisco-based Exelixis (NASDAQ: EXEL) said today its underwriters have exercised their option to buy another 2.25 million shares to cover over-allotments from a stock offering. Exelixis said previously that the offering had netted $156 million after paying expenses, but the purchase of extra shares means it now it has tacked on an extra $23 million, bringing the total haul to $179.4 million after expenses, the company said. The money is being used to help drive development of cabozantinib (XL184), which has shown promising results for patients with prostate cancer. Goldman Sachs, Cowen & Co., Citi, and Lazard Capital Markets underwrote the deal.

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