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Array BioPharma shares slide on secondary offering announcement

Array BioPharma Inc. [S: ARRY] shares fell in the extended session Wednesday after the drug developer announced a secondary offering of its shares. Array shares fell 7.9% to $9.70 after hours. The company said it plans to offer $175 million in shares, with an additional $26.3 million to cover overallotments. Based on Wednesday’s closing price of $10.53, the offering including overallotments would represent about 19.1 million shares. Array has 171.4 million shares outstanding. J.P. Morgan Securities, Cowen & Co., and Piper Jaffray are listed among the bookrunners for the offering.

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