SUMMIT, N.J.-- Drug developer Celgene Corp. said Wednesday it plans to issue up to 20 million shares of its common stock.
The company said stock sale stems from anticipated new demand for Celgene stock once the company is added to the Standard & Poor's 500 Index, which is scheduled for the close of business on Friday.
Proceeds from the sale will be used for general corporate purposes including working capital, capital spending, investments and acquisitions, Celgene said.
Shares fell $2.48, or 4.7 percent, to $50.41 in Thursday morning trading on the Nasdaq. Celgene stock has ranged between $27.75 and $53.68 over the past year.
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