Vertex To Use Goldman, Sachs To Raise At Least An Additional $390 Million Of Equity In Secondary Offering

As proof that most denizens of Wall Street are firm believers in the bright prospects for its next-generation Hep C drug candidate, telaprevir, securing FDA approval, Vertex has gone to the equity well twice in as many years. This time the indicated raise is between approximately $390 and $450 million, depending on whether Goldman exercises its so-called Green Shoe option-in-full, and assuming that Vertex common holds its current level, at around $39 per share -- tonight's NYSE closing price.

Here's a bit of the AP report:

. . . .Vertex Pharmaceuticals Inc. said Wednesday it plans to sell 10 million shares of stock to the public to raise cash.

The underwriters will have an option to buy another 1.5 million shares, Vertex said. Goldman Sachs will be the book-running manager for the offering. . . .

Of course, Merck has inherited the Schering-Plough "me too" boceprevir drug candidate, in this space -- the development of which Leerink Swann analysts predicted earlier today might be scaled back, by Merck, in 2010 and beyond -- presumably based on the increasingly large lead telaprevir is sporting, here. As ever, we shall see.