CV Therapeutics greenshoe fully exercised for 1.35 million shares

By Laura Lutz

Des Moines, Aug. 18 - CV Therapeutics, Inc. said that its underwriters fully exercised a greenshoe for 1.35 million shares in the company's previously announced follow-on offering, bringing the total deal size to 10.35 million shares for $98.325 million.

The shares were priced at $9.50 each on Aug. 15 for a size of $85.5 million. The deal was previously increased to 9 million shares from 7.5 million shares.

Lehman Brothers Inc. and Merrill Lynch & Co. are joint bookrunners for the off-the-shelf sale.

CV Therapeutics plans to use proceeds from the offering to fund commercialization of products and clinical trials, among other general corporate purposes.

The Palo Alto, Calif.-based company has Ranexa and Aceon approved as cardiovascular drugs but is in studies to expand the label indication for Ranexa. It also has regadenoson in phase 3 trials as a pharmacological agent in myocardial perfusion imaging in anticipation of filing a New Drug Application in 2007.

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