ACADIA Pharma Floats New Stock Issue

ACADIA Pharmaceuticals (NASDAQ: ACAD  ) will soon be almost $100 million richer, if a fresh stock issue goes as planned. The company is floating 8 million shares of its common stock in an underwritten public flotation, at a price of $12.50 apiece. Additionally, the firm's underwriters have been granted a 30-day purchase option for up to an additional 1.2 million shares to cover overallotments, if any.

ACADIA said it plans to use the proceeds of the issue to finance current and future clinical trials, the development and marketing of its pimavanserin treatment as well as other products, and for "general corporate purposes."

Leucadia's Jefferies and Cowen Group's Cowen and Company are the joint book-running managers of the issue. ACADIA expects the offering to close on or about May 20.

More Expert Advice from The Motley Fool

The Motley Fool's chief investment officer has selected his No. 1 stock for the next year. Find out which stock in our brand-new free report: "The Motley Fool's Top Stock for 2013." I invite you to take a copy, free for a limited time. Just click here to access the report and find out the name of this under-the-radar company.