Maryland-based Human Genome Sciences raises $456M in stock offering

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The Associated Press

ROCKVILLE, Md. – (Nasdaq: HGSI said Tuesday it raised $456.3 million through a public stock offering.

The company sold 17.8 million shares for $26.75 per share.
Human Genome Sciences said it would use the proceeds to manufacture its experimental lupus treatment Benlysta as well test the drug against other diseases. Other proceeds will be used for research and development, general and administrative work, and potential debt repayments.

The company announced the stock sale on Nov. 30, and expanded its size on Thursday.

In afternoon trading, Human Genome Sciences shares lost 19 cents to $27.33.