XenoPort raises $40M in follow-on

XenoPort Inc. (NASDAQ:XNPT) raised $40 million through the sale of 6.2 million shares at $6.50 in a follow-on underwritten by Credit Suisse and RBC Capital Markets. XenoPort proposed the offering late Wednesday when its share price was $6.79. XenoPort was up $1.61 (24%) to $8.40 on Thursday.

XenoPort's Horizant gabapentin enacarbil is approved in the U.S. to treat restless legs syndrome and to manage postherpetic neuralgia. GlaxoSmithKline plc (LSE:GSK; NYSE:GSK) has U.S. commercialization rights from XenoPort to the transported prodrug of gabapentin. ...