Infinity financial update

Investors Beacon and Rosebay Medical sold 10 million shares of Infinity common stock at $40 in an offering underwritten by Morgan Stanley and JPMorgan. As a result of the sale, each company’s stake decreased to 1.5% from 11.9%. Beacon and Rosebay are associated companies of Purdue Pharma L.P. (Stamford, Conn.), which transferred a portion of its shares to the investors. The deal includes an overallotment of 1.4 million shares, which represents the companies’ remaining stake. The offering was proposed on April 9, when Infinity’s share price was $46.66. Infinity, which closed Friday at $40.44, has 47.8 million shares outstanding. ...