BioCentury
ARTICLE | Financial News

Kythera raises $120 million in bumped-up follow-on

October 9, 2013 11:42 PM UTC

Kythera Biopharmaceuticals Inc. (NASDAQ:KYTH) raised $120 million through the sale of 2.6 million shares at $45.75 in a bumped-up follow-on underwritten by JPMorgan; BofA Merrill Lynch; Leerink; and Cowen. On Monday, Kythera raised to $100 million the amount the company said it planned to raise in the offering. Kythera first proposed to raise $85 million in the follow-on on Sept. 30, when its share price was $44.31.

Last month, Kythera said ATX-101 met the co-primary endpoints in the identical Phase III REFINE-1 and REFINE-2 trials to reduce submental (under chin) fat. In 2010, Kythera granted the Intendis GmbH business of Bayer AG (Xetra:BAYN) exclusive rights to co-develop and commercialize the synthetic sodium deoxycholate outside the U.S. and Canada. Kythera said it expects Bayer to submit regulatory applications for ATX-101 in Europe next year (see BioCentury Extra, Sept. 17). ...