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Array BioPharma Inc. of Boulder has announced an underwritten public offering of 20 million primary shares of common stock at a public offering price of $2.60 a share.
The gross proceeds are expected to be approximately $52 million. The offering is expected to close on Tuesday, subject to customary closing conditions. Array also granted the underwriters a 30-day option to purchase an additional 3 million shares of common stock to cover over-allotments, if any. All of the shares sold in the offering are being sold by Array, with the proceeds to be used to fund research and development activities and for general corporate purposes.
