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Article: Vertex Raises $300M In Year's Second Largest Public Offering.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Senior Staff Writer
It is the opinion of many biotech executives that the best time to raise money is when you don't need it.
With a nine-digit figure in the bank, it seems as though that is just what Vertex Pharmaceuticals Inc. did late last week. As of the end of the second quarter, the Cambridge, Mass.-based company had $315.9 million in cash, cash equivalents and securities for sale, not to mention it signed a deal that entailed a $165 million up-front payment a week later with Janssen Pharmaceutica NV for the hepatitis C virus protease inhibitor, VX-950.
Yet the company still priced a public offering of 9.1 million shares Thursday evening ...