Indevus to raise $30m in secondary stock offering

Indevus Pharmaceuticals Inc. of Lexington said it expects to raise about $30.2 million after underwriting fees and expenses as the biotech drug maker priced its secondary public stock offering today.

The company priced a public offering of 7 million shares at $4.65 per share for a total of $32.6 million. Indevus will also grant underwriters a 30-day option to purchase just under 1.1 million in additional shares to cover overallotments.

UBS Investment Bank is the sole book-running manager, and CIBC World Markets, JMP Securities, and Leerink Swann are co-managers for the offering. Indevus had about 47.6 million shares outstanding as of May 8.

The company plans to close the offering on Monday.

Indevus, formerly known as Interneuron Pharmaceuticals, has lost money every year since it went public in 1990. It develops and commercializes treatments focused primarily in the areas of urology, gynecology and men's health.

Shares of Indevus rose 5 cents to $5.13 in morning trading on the Nasdaq. (AP)