VERTEX PHARMACEUTICALS FILES REGISTRATION STATEMENT WITH SEC TO SELL 2 MILLION SHARES OF COMMON STOCK
VERTEX PHARMACEUTICALS FILES REGISTRATION STATEMENT WITH SEC
TO SELL 2 MILLION SHARES OF COMMON STOCK
CAMBRIDGE, Mass., Nov. 12 /PRNewswire/ -- Vertex Pharmaceuticals Incorporated (NASDAQ: VRTX) today announced that it has filed a Registration Statement with the Securities and Exchange Commission relating to a public offering by the company of 2 million shares of its common stock.
Vertex is a leader in the use of structure-based rational drug design, a scientific approach to drug discovery through which synthetic compounds are designed at the atomic level to interact with protein targets associated with particular disease processes. Vertex applies this approach, involving the integration of advanced biology, chemistry and biophysics, to create novel, small-molecule compounds, with the goal of developing these compounds into orally deliverable drugs to treat major diseases. Vertex is concentrating on the development of drugs in the areas of immunology and antiviral therapy.
Of the shares being offered for sale, 1.6 million shares will be offered in the United States, and 400,000 shares will be offered in a concurrent international offering outside the United States. The U.S. offering will be managed by Kidder, Peabody & Co. Incorporated and Cowen & Company. The managers for the international offering will be Kidder, Peabody International Limited and Cowen & Company.
Vertex Pharmaceuticals will grant to the underwriters in the U.S. offering an option to purchase up to 300,000 shares of common stock solely to cover over-allotments, if any.
The company intends to use the net proceeds from the offering to fund research and product development programs, to expand its existing facilities and for other general corporate purposes.
A written prospectus may be obtained from the managing underwriters, Kidder, Peabody & Co. Incorporated, 10 Hanover Square, New York, N.Y. 10005, or Cowen & Company, Financial Square, New York, N.Y. 10005.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
/CONTACT: Richard Aldrich, vice president of Vertex Pharmaceuticals, 617-576-3111, or Robert Gottlieb of Feinstein Partners, 617-577-8110, for Vertex Pharmaceuticals/
(VRTX) CO: Vertex Pharmaceuticals, Inc. ST: Massachusetts IN: MTC SU: SH-KM -- NE007 -- 3367 11/12/91 10:29 EST