Home Fairfield Stamford’s Loxo Oncology looks to raise $227M for cancer treatment via stock...

Stamford’s Loxo Oncology looks to raise $227M for cancer treatment via stock sale

Loxo Oncology Inc. expects to raise approximately $226.8 million next week by offering 3,150,000 shares of common stock at a public offering price of $72 per share.

The Stamford-based company said it will use the net proceeds for early commercialization activities for its experimental cancer treatment drug larotrectinib; new and ongoing research and development activities; and general corporate purposes, which could include increased working capital, acquisitions or investments in businesses, products or technologies, and capital expenditures.

Loxo also has granted underwriters a 30-day option to buy up to an additional 472,500 shares of its common stock offered in the public offering at the public offering price, less underwriting discounts and commissions. All of the shares will be offered and sold by Loxo Oncology.

The offering is expected to close on June 20, subject to customary closing conditions. Morgan Stanley, Cowen and Citigroup are acting as the joint book-running managers for the offering. Stifel and BTIG are acting as joint lead managers.

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