HGSI Absorbing Secondary Offering (HGSI)

Posted in pre-market 
December 3rd, 2009

Human Genome Sciences, Inc. (NASDAQ: HGSI) has raised its stock offering due to strong demand.  The company sold 15,500,000 new shares of common stock at $26.75 per share after a $27.46 closing bell price Wednesday. The size of the offering was increased from 12,500,000 shares.  Net proceeds from the offering are now estimated at approximately $397 million.   Goldman Sachs and Citigroup are the joint book-running managers, and they will have a 30-day option to purchase up to an additional 2,325,000 shares of common stock.  At 8:17 AM EST we have seen 40,000 shares trade hands and the stock is down 1% at $27.17.  Average volume is over 7 million shares, and you can expect a rapid increase in volume as these shares get freed up to trade.

JON C. OGG

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