ACADIA Pharmaceuticals Inc. raised $287.5 million in gross proceeds via its common stock offering.
The San Diego-based company, which develops therapies for central nervous system disorders, sold 7,187,500 common shares at $40 apiece. This includes 937,500 common shares sold as underwriters fully exercised the overallotment option given by the company.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC were the joint book-running managers, Cowen and SVB Leerink were the co-lead managers while Cantor Fitzgerald & Co., Canaccord Genuity, JMP Securities and Needham & Co. were co-managers for the offering.
The company's stock surged Sept. 9 after Acadia said its medicine pimavanserin helped relieve the symptoms of delusions and hallucinations in dementia patients, meeting the main goal of a late-stage study dubbed Harmony.
