Lexicon Pharmaceuticals announces public stock offering

Lexicon Pharmaceuticals Inc. (NASDAQ: LXRX) announced it has commenced an underwritten public offering of common stock shares, according to a company statement. The biopharmaceutical company said there is no assurance regarding whether or when the offering may be completed or its actual size and terms.

Jefferies and Piper Sandler are serving as joint book-running managers for the proposed offering. The company intends to grant underwriters a 30-day option to purchase additional shares.

Concurrent with the public offering, Lexicon plans to sell shares in a private placement to an affiliate of Invus, L.P., its largest stockholder, pursuant to preemptive rights under the company's certificate of incorporation. The private placement purchaser would receive an option to buy additional shares on a pro rata basis if underwriters exercise their option.

The company stated it intends to use net proceeds to fund continued research and development of drug candidates and for working capital and general corporate purposes.

Lexicon filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission on August 2, 2024, which was declared effective on August 15, 2024. A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC.

The Woodlands, Texas-based company develops medicines for neuropathic pain, hypertrophic cardiomyopathy, obesity, metabolism and other indications. The company has drug candidates in discovery, clinical and preclinical development stages.

The closing of the underwritten public offering is not conditioned on completion of the concurrent private placement, the company noted.

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