Neurocrine planning follow-on

Neurocrine Biosciences Inc. (NASDAQ:NBIX) proposed to sell 7 million shares in a follow-on underwritten by Jefferies and JPMorgan. If sold at Neurocrine's close of $18.05 on Tuesday, before the company proposed the offering, Neurocrine would raise $126.4 million. The company's elagolix is in Phase III testing to treat endometriosis. AbbVie Inc. (NYSE:ABBV) has rights to the non-peptide small molecule gonadotropin-releasing hormone (GnRH) antagonist.

Last month, Neurocrine jumped $8.75 (87%) to $18.51 after reporting that its lead internal program, NBI-98854, met the primary endpoint in the intent-to-treat (ITT) population of the Phase IIb Kinect 2 Study to treat tardive dyskinesia. The compound is a selective vesicular monoamine transporter 2 (VMAT2; SLC18A2) inhibitor (see BioCentury Extra, Jan. 7). ...