Does management hate its shareholders? Geez, every time we get some wind under our sails!
Neurocrine Biosciences, Inc. Announces Proposed Public Offering of Common Stock
Last update: 1/18/2012 4:01:00 PMSAN DIEGO, Jan. 18, 2012 /PRNewswire via COMTEX/ -- Neurocrine Biosciences, Inc. (NBIX) today announced that it is offering to sell shares of its common stock in an underwritten public offering. Jefferies & Company, Inc. and Deutsche Bank Securities Inc. are acting as joint book-running managers for this offering, Piper Jaffray & Co. and Leerink Swann LLC are acting as co-managers for this offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. The securities described above are being offered by Neurocrine pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the "SEC") on December 29, 2010. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC's Web site at . Copies of the preliminary prospectus supplement relating to these securities may be obtained from Jefferies & Company, Inc., Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY, 10022, or by telephone at 877-547-6340, or by email at Prospectus_Department@Jefferies.com, or from Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Floor 2, Jersey City, NJ 07311-3901, or by telephone at 800-503-4611, or by email at Prospectus.firstname.lastname@example.org. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About Neurocrine BiosciencesNeurocrine Biosciences, Inc. is a biopharmaceutical company focused on neurological and endocrine diseases and disorders. Our product candidates address some of the largest pharmaceutical markets in the world, including endometriosis, stress-related disorders, pain, tardive dyskinesia, uterine fibroids, diabetes, insomnia, and other neurological and endocrine-related diseases and disorders.
Always good to have the offering when the PPS nets you more cash with equivalent dilution. I wouldn't look at the specific timing so much... this was probably in the works for months but the share price got battered a bit. Now it's up, and boom: 77 million.
Are you serious? Wow, that's a big time delay. I guess NBIX announced this and I just missed it. In that case I suppose that NBIX really had no choice but to raise now. If the Phase II's either/or are positive then they raised too soon and if negative they look brilliant.
Is anyone worried about the split up of Abbott and the initiation of the studies? What if Abbott's pharma unit is sold?
What makes me nervous is that Abbott has not yet started trials which would obviously bump the stock price up. Why raise before Abbott starts? Is there some delay we don't know about or problem? This seems like terrible timing.
The worst thing about this one is that they don't say how many shares....neither in the press release nor in the referenced SEC filing. That doesn't bode well, when the company tries to sweep things under the rug.