Lexicon Raises $94.6 M via 32 M Shares at $1.30 and $65 Pref Sale
Lexicon closed a $94.6 million offering of 32 million common shares at $1.30 each and a private placement of 22.4 million common shares plus 367,145 Series B preferred shares at $65 apiece. Net proceeds will fund drug R&D and general corporate needs, with underwriters’ 4.8 million‐share option and Invus affiliate’s 94,855‐share preferred option exercisable within 30 days.
1. Offering Structure and Pricing
Lexicon completed an underwritten public offering of 32,000,000 common shares at $1.30 per share and a concurrent private placement of 22,400,000 common shares plus 367,145 Series B Convertible Preferred shares at $65 per share, raising approximately $94.6 million in gross proceeds.
2. Underwriter and Investor Options
Underwriters hold a 30-day option to purchase up to 4,800,000 additional common shares at the offering price less discounts; an Invus, L.P. affiliate may buy up to 94,855 additional preferred shares, convertible into 4,742,744 common shares, also exercisable within 30 days.
3. Use of Proceeds
Proceeds from the offerings and any option exercises will fund ongoing drug candidate research and development, support working capital requirements and cover general corporate purposes, bolstering Lexicon’s pipeline progress across pain, HCM, obesity and metabolic indications.