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Ardea Biosciences Sells 4.025 Million Common Shares

April 12, 2010 (FinancialWire) — Ardea Biosciences, Inc. (NASDAQ: RDEA) has completed a public offering of 4.025 million shares of its common stock, including 525,000 shares sold due to the full exercise of an overallotment option previously granted to the underwriters. Jefferies & Co. (NASDAQ: JEF) acted as sole book-running manager in the offering.

According to Ardea, all of the shares were offered by the company. The company saw net proceeds of around $77.1 million.

California-based Ardea is a biotechnology company focused on the development of small-molecule therapeutics for the treatment of gout, cancer and human immunodeficiency virus. Ardea was formerly known as IntraBiotics Pharmaceuticals and was incorporated in Delaware in 1994.

In December 2006, the firm acquired intellectual property and other assets related to several classes of small-molecule therapeutics for the treatment of HIV and cancer from Valeant Research & Development, Inc., or Valeant.

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