Salix Pharmaceuticals raises $128.2 million for business development activities

Nov 24 2009

Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP), a specialty pharmaceutical company, today announced it has closed its previously announced public offering of 5,500,000 shares of its common stock at a price of $21.00 per share. On November 18, 2009, Jefferies & Company, Inc., acting as the sole book-running manager of the offering, exercised in full its over-allotment option to purchase an additional 825,000 shares of common stock. The exercise of the option increased the size of the offering to an aggregate of 6,325,000 shares of common stock.

Salix received proceeds, net of offering expenses and underwriting discounts and commissions, of approximately $128.2 million. Salix offered the shares of its common stock sold in the offering pursuant to a Registration Statement on Form S-3 (Reg. No. 333-163151) filed with the Securities and Exchange Commission on November 17, 2009 and effective on November 17, 2009.

Salix intends to use the net proceeds from the offering for business development activities and other general corporate purposes.