Portola Pharma offering prices at $23.75 a share

Portola Pharma stock offering prices at $24.75 per share; company expects $105.9M in proceeds

Associated Press

SOUTH SAN FRANCISCO, Calif. (AP) -- Drug developer Portola Pharmaceuticals on Thursday priced a sale of 6.4 million shares for $23.75 per share.

The company is selling 4.5 million shares, and stockholders will sell 1.9 million more.

Portola expects $105.9 million in proceeds before deductions and expenses. The underwriters of the sale will have an option to buy 955,000 more shares from Portola to cover any over-allotments.

The company's shares closed at $25.55 on Wednesday, and the offering is priced at a 7.1 percent discount.

Portola Pharmaceuticals Inc. is a biotechnology company that is developing a blood thinner and a new kind of agent for reversing the effects of the blood thinner for acutely ill patients.

The company went public in May with an IPO priced at $14.50 per share. It had 35.2 million shares on the market as of June 30.

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