11:56 AM EDT, 09/10/2024 (MT Newswires) -- (Updates to include recent stock movement in the headline and first paragraph.)

Ionis Pharmaceuticals ( IONS ) shares were down about 10% in recent Tuesday trading after the company priced its underwritten public offering of 11.5 million shares at $43.50 per share for total proceeds of about $500.3 million.

The stock closed at $48.33 in the previous day.

The company granted its underwriters a 30-day option to purchase up to about 1.7 million additional shares. Morgan Stanley and Goldman Sachs are joint book-running managers for the offering that will close on Sept. 11.

Ionis said it plans to use the proceeds for commercial launches, clinical programs, research and development, for working capital and general corporate purposes.

Price: 43.41, Change: -4.92, Percent Change: -10.18