Insmed Prices 12.62 Mln Offering At $51.50/share; Stock Rises

(RTTNews) - Insmed Inc. (INSM), Thursday announced offering of 12.62 million shares at $51.50 per share, to raise approximately $650 million.

The biopharmaceutical company intends to use the proceeds to fund research and development of brensocatib, Arikayce, and treprostinil palmitil inhalation powder, along with their commercialization activities.

Insmed has announced a 30-day option to underwriters to purchase up to an additional 1.89 million shares.

Goldman Sachs & Co. LLC, Leerink Partners, and J.P. Morgan act as the joint-book runners of the offering.

Currently, Insmed's stock is climbing 5.21 percent, to $56.21 on the Nasdaq.