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Anacor Prices New Stock Offering

Saturday - 4/27/2013, 5:01am  ET

Anacor Pharmaceuticals is tapping the markets for a fresh infusion of capital. The company has put a price tag of $6.39 per share on its current underwritten public stock issue, in which it is aiming to unload nearly 3.13 million common shares. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 15% of the number of issued shares, in order to cover over-allotments.

Anacor said it plans to use the proceeds of the issue for "research and development activities, working capital and general corporate purposes." It estimates the gross proceeds will total roughly $20 million.

Cowen Group's Cowen and Company is the sole book-running manager of the issue, which Anacor expects will close on May 1.

This article was originally published as Anacor Prices New Stock Offeringon Fool.com

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