Ariad Pharma makes $14M share issue

Ariad Pharmaceuticals says that it has agreed to sell 3,112,945 shares of its common stock pursuant to its effective shelf registration statements in an underwritten offering. The underwriter has been granted an option to purchase up to an additional 466,942 shares of the firm's common stock to cover over-allotments.

Ariad expects the net proceeds from the sale of the shares will be around $14.0 million. All of the shares in the offering are being sold by the company.

Credit Suisse Securities (USA) is acting as sole underwriter for the offering. Ariad expects the deal to close on or about October 25, subject to customary closing conditions and, as a result of this transaction, the company will have no remaining shares available under shelf registration statements.