Arrowhead Pharmaceuticals wants to raise $52.5M in stock offering

With the goal of raising approximately $52.5 million, the Pasadena, Calif.-based Arrowhead Pharmaceuticals Inc., which has offices in Madison, has announced an underwritten public offering of 10 million shares of common stock priced at $5.25 per share.

The offering was expected to close on or about Monday, January 22, subject to customary closing conditions.

The gross offering target of $52.5 million does not include deductions for underwriting discounts, commissions and offering expenses.

Arrowhead Pharmaceuticals develops medicines that treat intractable diseases by silencing the genes that cause them.

The company intends to use the net proceeds for general corporate purposes, including working capital, capital expenditures, research and development expenditures, and clinical trial expenditures. Arrowhead Madison, located at 502 S. Rosa Road, is the research center for Arrowhead Pharmaceuticals.

A portion of the net proceeds might also be used for the acquisition of complementary businesses, products, and technologies.

Arrowhead also granted the underwriters of the offering a 30-day option to purchase up to an additional 1.5 million shares of common stock at the public offering price, minus the underwriting discount.