Andrx raises $248.9 million

ADRX raised $248.9 million through the sale of 5.2 million shares at $48. Watson Pharmaceuticals sold an additional 1.2 million ADRX shares in the follow-on, and selling shareholders are offering the 953,000-share overallotment. The deal was underwritten by Banc of America Securities; Bear, Stearns; CIBC World Markets; and UBS Warburg. ADRX is developing generics and oral controlled-release therapeutics. On April 3, ADRX filed to sell 6 million shares when its stock price was $57.75. ...