Global biopharmaceutical firm Insmed Incorporated has announced a public offering of 12.6 million of its common shares at USD 51.50 per share to raise approximately USD 650 million. The company has also announced a subsequent 30-day option granted to purchase up to an additional 1.9 million shares of common stock. The offering is expected to close on May 31, 2024.
The proceeds were earmarked to fuel the company’s R&D efforts, including the development and commercialization of ARIKAYCE (an anti-bacterial medication) and brensocatib (a small-molecule oral inhibitor). The funds will also be used for other general corporate and business expansion activities.
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