At a very heady price per share, to boot:
. . . .Vertex Pharmaceuticals today closed on its agreement to sell 11,500,000 shares of its common stock in a firmly-committed underwritten offering at a price to the public of $38.50 per share, which resulted in aggregate gross proceeds of $442.8 million. . . . Goldman, Sachs & Co. acted as the sole book-running manager for the offering, in an offering under which BofA Merrill Lynch, J.P. Morgan Securities Inc., and Morgan Stanley & Co. Incorporated acted as co-managers. . . .
Regular readers will recall that Vertex is leading New Merck (as successor to Schering-Plough's research in this area) in the race for next-gen Hep C treatments. This near half billion will give (the rather small) Vertex additional flexibility to accelerate its spend on its Phase III efforts, and likely correspondingly shorten its time to approval at FDA.
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