Novavax Plans $175 Mln. Stock Offering

(RTTNews) - Novavax Inc (NVAX), a clinical-stage vaccine company, on Tuesday said it plans a $175 million underwritten public offering of its common stock.

Novavax also intends to grant the underwriters a 30-day option to purchase up to an additional $26.25 million of its common stock.

The company expects to use the net proceeds from the offering for the advancement of its lead vaccine candidates and general corporate purposes, including acquisitions.

J.P. Morgan and Citigroup are acting as joint book-running managers of the offering.

Novavax shares were down 4.7% at $8.82 in after-hours trade on the Nasdq.