Celgene raises $250.9 million

CELG raised $250.9 million through the sale of 2.48 million shares at $101 per share in its follow-on offering, making it the third largest biotech follow-on. If CELG sells its entire greenshoe, it will claim the top spot for a biotech follow-on in terms of money raised. Gene Logic (GLGC) raised $262.1 million in a follow-on in January, while Biovail (BVF) raised $259.6 million in October 1999.

CELG filed in January to sell 2 million shares, and on Tuesday filed to increase the size of the offering to 2.48 million shares. The underwriters, J.P. Morgan; Prudential Vector Healthcare; and U.S. Bancorp Piper Jaffray, have an option to purchase an additional 450,000 shares. ...