Lexicon Announces Pricing of $125 Million Public Offering and Concurrent Private Placement

THE WOODLANDS, Texas, June 01, 2023 (GLOBE NEWSWIRE) -- Lexicon Pharmaceuticals, Inc. (Nasdaq: LXRX) (“Lexicon”) today announced the pricing of its previously announced underwritten public offering of 23,924,705 shares of its common stock, par value $0.001. The shares of common stock being offered pursuant to the public offering are being offered at a public offering price of $2.60 per share. All of the shares are being offered by Lexicon. The gross proceeds from the public offering are expected to be approximately $62.2 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, Lexicon has granted the underwriters a 30-day option to purchase up to an additional 3,588,705 shares of common stock at the public offering price, less underwriting discounts and commissions. The public offering is expected to close on or about June 5, 2023, subject to the satisfaction of customary closing conditions.

In addition to the shares being sold in the underwritten public offering, Lexicon has agreed to sell 24,152,218 shares of its common stock to raise gross proceeds of approximately $62.8 million in a concurrent private placement (together with the underwritten public offering described above, the “offering”) at $2.60 per share to an affiliate (the “Private Placement Purchaser”) of Invus, L.P., Lexicon’s largest stockholder, pursuant to its preemptive right under Lexicon’s Fifth Amended and Restated Certificate of Incorporation. The Private Placement Purchaser will have the option to purchase, on a pro rata basis, up to an additional 3,622,832 shares of common stock at the public offering price to the extent the underwriters exercise their option to purchase additional shares of common stock. The shares of common stock being offered pursuant to the concurrent private placement will not be registered under the Securities Act of 1933, as amended (the “Securities Act”). The concurrent private placement is also scheduled to close on or about June 5, 2023, subject to the closing of the public offering and the satisfaction of certain other customary closing conditions. The closing of the underwritten public offering is not conditioned on the closing of the concurrent private placement.