InterMune Inc. plans to launch public offerings of 4 million shares and $100M in debt to raise money to launch a lung drug, among other plans.
The company said in a regulatory filing that it plans to use the proceeds from the sale to pay for the launch of its lung-disease drug Esbriet in Europe, pay for research and for other general corporate purposes.
The biopharmaceutical company also expects to grant underwriters 30 days to buy up to 600,000 more shares and an additional $15 million in convertible senior notes due 2018.
Goldman, Sachs & Co. and J.P. Morgan Securities LLC are the joint book-running managers of the proposed offerings.
Esbriet is intended to treat idiopathic pulmonary fibrosis, a progressive and fatal lung disease in which inflammation and scarring of the lung hinders breathing. The drug is not yet approved in the U.S. because the Food and Drug Administration asked for more study of it last year. The European Union approved it in March and it plans to start selling it in German on Thursday and throughout Europe in the first half of 2012.
InterMune shares tumbled $1.87, or 7 percent, to $25 in aftermarket trading. The stock added 79 cents, or 3.1 percent, at $26.87 during the regular trading session.