Lexicon Pharmaceuticals announces pricing of public offering and concurrent private placement of common stock

Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) today announced the pricing of a public offering and concurrent private placement of its common stock in which  the aggregate net proceeds to Lexicon will be approximately $165.0 million.  The public offering consists of 87,717,391 shares of its common stock at a public offering price of $1.15 per share.  In connection with the public offering, Lexicon agreed to sell an additional 59,296,749 shares of its common stock at the public offering price to Invus, L.P., Lexicon's largest stockholder, in a concurrent private placement upon Invus' exercise of its right to purchase shares sufficient to maintain its pro rata ownership of Lexicon's common stock.

All of the shares subject to the public offering are being offered by Lexicon pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission.  Lexicon has also granted the underwriters a 30-day option to purchase up to an aggregate of 8,804,348 additional shares of common stock to cover over-allotments, if any.  To the extent the underwriters exercise their over-allotment option, Invus may purchase up to an aggregate of 5,951,718 additional shares of common stock in a private placement pursuant to its right to purchase shares sufficient to maintain its pro rata ownership of Lexicon's common stock.  Morgan Stanley & Co. Incorporated and J.P. Morgan Securities Inc. are acting as joint book-runners for the public offering, with Cowen and Company, LLC and Thomas Weisel Partners LLC acting as co-managers.

SOURCE Lexicon Pharmaceuticals, Inc.