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news.Ariad Pharmaceuticals, a developer and marketer of small-molecule drugs, has entered into definitive agreements with selected existing and new institutional investors to sell to them 14.37 million shares of common stock at a purchase price of $1.69 per share, the closing price of the company's common stock, resulting in net proceeds of approximately $22.8 million after deducting placement agent's fees and estimated offering expenses.
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Investors also received 0.75 of a warrant, exercisable at a price of $2.15 per share, for each share of common stock. The warrants have a three-year term from the date of issuance and are exercisable beginning six months after the date of issuance.
The transaction is expected to close on or about February 25, 2009, subject to satisfaction of customary closing conditions. Lazard Capital Markets served as the sole placement agent for the offering.