La Jolla Slides Pre-Bell After Pricing Stock Offering at 10% Discount

La Jolla Pharmaceutical (LJPC), a biopharmaceutical company, said Thursday that it has priced its underwritten offering of 2.5 million shares of common stock at $38 per share, or a 10% discount from the stock’s previous close, resulting in total gross proceeds of $96.9 million.

The underwriters have been granted a 30-day option to purchase up to 382,500 additional shares to cover over-allotments. The offering is expected to close on or about September 15, subject to customary closing conditions. Shares were down 8.5% in pre-market trading, near the high end of the 52-week range of $7.20 – $44.99.