San Diego Business Journal

Amylin Seeks to Raise $203M in Stock Offering; Funds Earmarked for Diabetes Drug

Monday, March 12, 2012

Amylin Pharmaceuticals Inc. said March 8 that it expects to raise more than $203 million through a public offering of 13 million shares of its common stock.

The San Diego-based biopharmaceutical company plans to use the net proceeds primarily on efforts to commercialize its drug Bydureon, the first once-weekly injection to treat type 2 diabetes.

The U.S. Food and Drug Administration approved Bydureon in January. The drug, which controls blood-sugar levels, rolled out in pharmacies in mid-February, Amylin said last month. The company has teamed with Dublin-based Alkermes Plc. to develop and market Bydureon.

Amylin said it also would use proceeds from the stock offering for “corporate purposes,” which may include research and development, capital expenditures, working capital and general administrative expenses.

Credit Suisse Securities LLC is acting as sole book-running manager and underwriter in this offering. The offer is expected to close on or before March 13.

Amylin shares trade on Nasdaq under the symbol AMLN.

— Kelly Quigley