Invus adds $150M to Lexicon investment

Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) raised $150 million from an affiliate of Invus by selling shares in a private placement at $1.005 per share. The deal was disclosed in an SEC filing that also described the biotech's $50 million follow-on offering and raising of $80 million in senior notes (see BioCentury, Nov. 3).

Invus now holds 60.6% of the company's outstanding shares. Three of the firm's partners hold seats on Lexicon's nine-member board, and Invus has the right to designate a number equal to its ownership percentage, rounded up. On Monday, Invus declined to discuss whether it would designate more directors or say how much it has invested in Lexicon to date. ...