Kythera Biopharmaceuticals Inc. announced on Wednesday the pricing for its $125 million secondary offering as it anticipates FDA approval of its lead drug candidate, a treatment that dissolves fat in double chins. The Westlake Village biotech will sell 2.6 million shares at $48 each. It intends to use the money for ongoing research and commercialization of its fat-dissolving drug ATX-101, with the balance for working capital and general corporate purposes. Also, it may repay its credit facility. On Monday an independent panel of experts at the Food and Drug Administration voted 17-0 in favor of approving ATX-101 for sale in the U.S. It will be marketed initially to reduce chin fat but could have other applications. The company expects full FDA approval in May. The secondary offering will occur under a shelf registration Kythera filed in November. The book-runners for the offering are Goldman Sachs, Merrill Lynch and Leerink Partners. Cowen and Co. is co-manager. In mid-day trading, shares gained $3.37 or 6.9 percent at $52.38 on the Nasdaq.
