Xenon Pharmaceuticals Inc. (NASDAQ: XENE) completed its underwritten public offering of common shares and pre-funded warrants, raising approximately $747.5 million in gross proceeds.

The Vancouver and Boston-based biopharmaceutical company sold 12,236,843 common shares at $57.00 per share and pre-funded warrants to purchase up to 877,194 common shares at $56.9999 per warrant. The offering included 1,710,526 shares from the full exercise of underwriters' option to purchase additional shares.

J.P. Morgan, Jefferies, TD Cowen, Stifel, RBC Capital Markets, and William Blair served as joint book-running managers for the offering, while Baird acted as lead manager.

The offering was conducted under a shelf registration statement filed with the Securities and Exchange Commission on August 9, 2024. A final prospectus supplement was filed with the SEC on March 11, 2025.

Xenon focuses on neuroscience drug development and commercialization. The company's lead compound, azetukalner, is currently in Phase 3 clinical trials for epilepsy, major depressive disorder, and bipolar depression treatment. The company also maintains an early-stage portfolio of potassium and sodium channel modulators, including programs in Phase 1 development for pain treatment.

The gross proceeds figure excludes underwriting discounts, commissions, and other offering expenses. No securities were offered or sold in Canada or to Canadian residents as part of this offering.