Insmed Incorporated, a Bridgewater-based biopharmaceutical company, announced Tuesday that it has priced an offering of 8.9 million shares of common stock at $11.25 per share.
Insmed said in a news release that it expected to receive net proceeds of approximately $94 million from the offering, based on approximately $100 million in gross proceeds minus underwriting discounts and commissions, and other expenses. The proceeds will be used to fund further development of Insmed’s Arikayce product to treat lung disease patients.
The offering is expected to close on about Aug. 18, Insmed said. Leerink Partners LLC is the bookrunner, with Piper Jaffray & Co. and JMP Securities LLC acting as lead managers, and H.C. Wainwright & Co. LLC, as co-manager.
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