San Diego-based drugmaker Acadia Pharmaceuticals Inc. has announced a public offering of its common stock, and said it expects gross proceeds to be $100 million.
The publicly traded company is selling 8 million shares in the offering, pricing them at $12.50 per share.
The offering is expected to close on or around May 20.
Following the announcement, shares for the company traded at $13.05. Acadia has hit a 52-week high of $13.92 and a low of $1.30. Its current market capitalization is about $1 billion.
The company’s stock price has nearly doubled since its March announcement about the positive performance of its drug, pimavanserin, in phase 3 clinical trials. The drug treats psychosis associated with Parkinson’s disease.
— Meghana Keshavan