Ardea Biosciences (RDEA) Prices 8.5M Common Offering at $17/Share

Ardea Biosciences, Inc. (NASDAQ: RDEA) today announced the pricing of an underwritten public offering of 8,500,000 shares of its common stock, offered at a price to the public of $17.00 per share. The gross proceeds to Ardea from this offering are expected to be $144.5 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Ardea. Ardea has granted the underwriters a 30-day option to purchase up to an aggregate of 1,275,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about February 6, 2012, subject to customary closing conditions. Ardea anticipates using the net proceeds from the offering for general corporate purposes, which may include research and development expenses, including expenses related to Phase 3 clinical trials of lesinurad, capital

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