BioCryst Pharma, developing IV flu drug peramivir, plans to sell as many as 5.75M shares

BioCryst Pharma to sell up to 5.75M new shares

BIRMINGHAM, Ala. — Flu drug developer BioCryst Pharmaceuticals Inc. said Tuesday it plans to sell as many as 5.75 million new shares of stock.

BioCryst said it will offer 5 million shares to the public. The banks underwriting its offer will have the option to buy another 750,000 shares to cover over allotments in the following month. If all 5.75 million shares are sold, BioCryst’s share count will rise almost 15 percent.

Morgan Stanley will be the book-runner for the offering, and JMP Securities and Oppenheimer & Co. will be co-managers.

BioCryst’s most advanced drug candidate is peramivir, a flu drug intended to be given by IV to patients who are too sick to take an oral dose. Peramivir has been approved as an emergency treatment for swine flu, but clinical testing against seasonal flu is expected to last until 2011.

The company had 38.8 million shares on the market as of Oct. 23. On Monday, BioCryst stock closed at $12.32.