Exelixis (EXEL) Falls Following Massive Capital Raise

August 6, 2012 9:31 AM EDT
Exelixis, Inc. (Nasdaq: EXEL) is indicated much lower following announcements of $336 million in equity offerings.

The firm plans to offer 20 million common shares and $225 million of convertible senior debt due 2019. The company expects to grant the underwriters 30-day options to purchase up to an additional 3,000,000 shares of common stock and up to an additional $33.75 million aggregate principal amount of convertible senior subordinated notes.

Shares are over 10 percent lower at the start.

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