FX.co ★ Insmed Prices 12.62 Mln Offering At $51.50/share; Stock Rises

Insmed Inc. (INSM) announced on Thursday that it is offering 12.62 million shares at a price of $51.50 per share, aiming to raise approximately $650 million.

The biopharmaceutical company plans to allocate the proceeds from this offering toward the research, development, and commercialization of its key products: brensocatib, Arikayce, and treprostinil palmitil inhalation powder.

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

Goldman Sachs & Co. LLC, Leerink Partners, and J.P. Morgan are acting as the joint book-runners for this offering.

As of now, Insmed's stock has surged by 5.21 percent, reaching $56.21 on the Nasdaq.