CAMBRIDGE, Mass. (AP) -- Aegerion Pharmaceuticals Inc. said Thursday it is selling 3.4 million shares of stock for $14.75 per share.
The company expects to raise $47.3 million from the offering after discounts and expenses are deducted. It plans to use that money to work toward marketing approval of its drug candidate lomitapide in the U.S. and European Union, and marketing the drug if it is approved, as well as expanding its operations in other countries and selling the drug if it is approved elsewhere. Lomitapide is intended to treat a disease that causes extremely high levels of bad cholesterol.
The sale is expected to close Tuesday. The underwriters of the sale will have an option to buy another 510,000 shares over the next 30 days.
Aegerion is offering the shares at a discount of 10.8 percent to its Wednesday closing price of $16.53. The company had 21.6 million shares on the market as of May 1, and its stock has traded between $11.75 and $18 in the last 12 months.
Shares of Aegerion Pharmaceuticals lost $1.70, or 10.2 percent, to $14.83 in morning trading.