Exelixis prices 10 million share offering

US biotechnology firm Exelixis has announced the pricing of an underwritten public offering of 10 million shares of newly-issued common stock at a price to the public of $8.40 each, before underwriting discounts and commissions.

The company expects the net proceeds from the offering to be around $78.7 million. It intends to use the net amount to fund the continued clinical development of its product candidates as well as for working capital and general corporate purposes.