Acadia Pharmaceuticals Inc. priced a public offering of 6,250,000 common shares at $40 each, for expected gross proceeds of $250 million.
The San Diego-based company, which develops therapies for central nervous system disorders, is also offering underwriters the option to acquire up to an additional 937,500 common shares to cover any overallotments.
The offering is expected to close Sept. 20.
Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the joint book-running managers for the offering. Cowen and SVB Leerink are acting as co-lead managers, and Cantor Fitzgerald & Co., Canaccord Genuity, JMP Securities and Needham & Co. are co-managers.
On Sept. 9, the company saw its shares rise after its drug pimavanserin was shown to relieve the symptoms of delusions and hallucinations in dementia patients in a late-stage study.
