Ardea Biosciences completes public offering

Ardea Biosciences, Inc. (Nasdaq: RDEA) today announced the completion of a public offering of 4,025,000 shares of its common stock, including 525,000 shares sold pursuant to the full exercise of an overallotment option previously granted to the underwriters. All of the shares were offered by Ardea Biosciences.  The net proceeds to Ardea Biosciences from the sale of shares in the offering, after deducting underwriting discounts and commissions, were approximately $77.1 million.

Jefferies & Company, Inc. acted as sole book-running manager in the offering.  The joint lead manager in the offering was Oppenheimer & Co.

A registration statement relating to the shares issued in the offering has been filed with, and declared effective by, the Securities and Exchange Commission. A final prospectus supplement relating to the offering has been filed with the Securities and Exchange Commission.

SOURCE Ardea Biosciences, Inc.

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